ACC561 ACC/561 DQs Week 2

1.Pick a topic or concept from this week’s reading that you find interesting.  Define the concept or topic and explain what you find interesting about this topic.  In your discussion, discuss why it is relevant to this class and the accounting field overall.  In the subject line of your post, please indicate what concept you are discussing.  This will allow others to know what has already been discussed so they can choose a different topic.

2.Refer to Ch. 3 of The Successful Business Plan. What components would you include in your business plan to gain the attention of the loan officer at a commercial lending financial institution? What makes these components important?

3. Imagine you are a loan officer presented with a loan package from a start-up company and one from a well-established company. What specific components would you require in the start-up company’s loan package to approve the requested loan? How do your lending requirements for the start-up company differ from those for the established company applying for a loan?

4. An effectively organized loan application reduces the time spent waiting for a response to a loan request. According to John Nelson III, SCORE counselor in Rhode Island and vice president of a major U.S. bank, “in about 80 percent of the cases, the formal request is not complete” (U.S. Small Business Administration, n.d.) What factor, or factors, in your opinion, contribute to this high percentage of incomplete loan packages? What strategies do you recommend to overcome each of the factors identified?