Grading for this assignment

| September 28, 2018

Assignment 2:
You are an Entrepreneur

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Assignment 2: You Are an Entrepreneur!
Due Week 6 and worth 280 points

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:

Describe the type of business you have created
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.)
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. 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.)
Prepare a pro forma balance sheet and income statement
providing the assumptions made and support the valuations assigned.
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. Demonstrate to
the lender/investor that your assets will be safeguarded and customer
information (if applicable) will be protected.)
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.
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
Use at least four (4) quality academic resources in this
assignment. Note: Wikipedia and other Websites do not quality as academic

Your assignment must follow these
formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12),
with one-inch margins on all sides; citations and references must follow
APA or school-specific format. Check with your professor for any
additional instructions.
Include a cover page containing the title of the assignment,
the student’s name, the professor’s name, the course title, and the date.
The cover page and the reference page are not included in the required
assignment page length.

The specific course learning outcomes
associated with this assignment are:

Examine accounting principles and concepts used in businesses.
Assess appropriate internal controls, regulatory requirements
according to the Sarbanes-Oxley Act, and fraud prevention and detection.
Use technology and information resources to research issues in
financial accounting.
Write clearly and concisely about financial accounting using
proper writing mechanics.

Click”>here to view the grading rubric for this assignment.

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