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ACC 557 WK 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