Acc 557 assignment 1 you are an entrepreneur!

1. ACC 557 Assignment 1: You Are an Entrepreneur!
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Due Week 7 and worth 240 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:
1. Describe the type of business you have created including:
1. The product or service, and general staffing plan. Provide a rationale for your
plan.
2. The form of your business and the benefits it offers your particular business,
3. 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. 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

2. possible changes to GAAP that may impact the accounting and reporting of your
accounting events.)
3. Prepare a pro forma balance sheet and income statement providing the assumptions made
and support the valuations assigned.
4. 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.)
5. 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.
6. 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.
7. Use at least four (4) quality academic resources in this assignment. Note: Wikipedia
and other Websites do not qualify as academic resources.
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 associatedwith 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.