ACC 557 Week 6 Assignment 2 - You Are an Entrepreneur

Student life does not generally afford a great deal of free time to pursue your personal interests; however, at one point, you may have considered turning a personal interest or hobby into an official enterprise. Today, you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor.
 

To obtain funding, you need to convince a lender / investor that your business is more than a hobby. You need to demonstrate that you have a firm grasp of your business, the accounting practices that impact your business, the controls needed to safeguard assets, and which accounting system will produce accurate and relevant financial information.
 

Write a six to eight (6-8) page business plan in which you:

1. Describe      the type of business you have created including:
         a. The product or service, and      general staffing plan. Provide a rationale for your plan.
         b. The form of your business      and the benefits it offers your particular business,
         c. A chart of accounts specific      to your business, including a rationale as to the selection of each      account. (Note: The chart of accounts is a blueprint of your business for      the lender/investor. It should report the expected resources that you will      consume in your business (assets), the sources of those resources      (liabilities and equity), the sources of revenue, and expenditures that      you expect to incur to earn those revenues. You may build a detailed chart      that includes business units, divisions, product lines, etc.)
2. Based      on the form of your business, analyze whether or not you will be required      to use Generally Accepted Accounting Principles (GAAP) or International      Financial Reporting Standards (IFRS) accounting methods and how the IFRS /      GAAP convergence will impact your business.
3. Suggest      how you will incorporate any changes into your books and records. (Note:      You need to demonstrate to the lender/investor that you have recognized      possible changes to GAAP that may impact the accounting and reporting of      your accounting events.)
4. Prepare      a pro forma balance sheet and income statement providing the assumptions      made and support the valuations assigned. 
5. Considering      the value of assets (assigned per your balance sheet) used within your      business, recommend two (2) specific internal controls that you will      implement to protect your company’s assets and resources, justifying how      each will provide assurances to management. (NOTE:  Safeguarding      assets and protecting personal data are paramount to ensuring the      viability of a business.  
6. Demonstrate      to the lender/investor that your assets will be safeguarded and customer      information (if applicable) will be protected.)
7. Based      on the internal control recommendations that you made, suggest how you      will implement each within your business environment, indicating how      challenges or resistances will be overcome.  
8. Evaluate      the impact of the regulatory environment, including the Sarbanes-Oxley Act      and other regulatory requirements, on your business venture, giving      considering to how you intend to comply with the requirements and the      general impact to decision making within your business.
9. Use at      least four (4) quality academic resources in this assignment. Note:      Wikipedia and other Websites do not quality as academic resources 

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