Fundamentals of Accounting
In order to complete this assignment, you will need to think of a company that you might start. This could be any company such as a consulting service, restaurant, or a new product. Be creative, fun, and inspiring. The paper will include the following sections:
Introduction: Company Overview. Begin the paper with 1-2 paragraphs, clearly describing the business, customers, location, industry, and market the business will serve. This section should create a clear picture of the company, industry, goals, aspirations, and focus of the business.
Legal Forms of Business: The next 1-2 paragraphs should focus on the legal form of the business and rationale for choosing such. This section will include why you choose a sole proprietor, partnership, S-Corp, C-Corp, or other legal form of business and the reasoning for choosing such.
Goals and Functions of Accounting: The following 2-4 paragraphs will discuss the goals and functions of accounting. This section should include comments about the importance and value of accounting, especially in start-up businesses. This section should include at least two external sources to support your perspective and analysis.
Main Financial Statements: The following 2-4 paragraphs will identify the four main financial statements and how they will be used in making business decisions for the company both internally and externally. Include how the financial statements might be used such as to acquire a bank loan, presented to investors, for projections, and other financial and/or operational decisions.
Ethics in Accounting: The next 2-4 paragraphs will address ethics in accounting. Describe an ethical issue that you might encounter in your business. Explain how an employee might behave ethically, or unethically in that situation and how you would handle the situation. Identify how you would handle unethical behavior in terms of the sales staff misrepresenting their sales volume to achieve more compensation, or the accounting staff misrepresenting sales revenue. Comment on how you will ensure your staff does not misrepresent numbers to achieve their own interests and which safeguards you might implement to ensure compliance and discourage unethical behavior.
Conclusion: The paper should end with a concluding paragraph that sums up all the information in the aforementioned areas. This paragraph should not include any new information, but rather, just summarize the paper.
