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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:

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. 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.)

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 quality as academic resources.

Write a paper of no more than 350 words after completing Exercise 19-17 in WileyPLUS in which you respond to the following questions:

• In this case, would it be better to use the variable or absorption costing method, and why?
• What are the benefits of the two methods?
• Which method would lead to the best decision when a competitor is submitting a lower bid for your product?

Exercise 19-17

Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.

Polk Company sells the fishing lures for $26.25. During 2012, the company sold 80,600 lures and produced 95,200 lures.

Compare and contrast the Federalist and Democratic-Republican attitudes toward the national government. Include a clear discussion of the differences their leaders held.

Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

Write a five (5) page paper in which you:

1. Determine, within the health care setting, the main features, capabilities, and operational benefits to a health care organization using the following:
   1. patient care applications
   2. management and enterprise systems
   3. e-Health applications
   4. strategic decision-support applications  

Provide specific examples of each.

1. Assume that you are a senior health service administrator responsible for the health information systems within your organization, and create an argument to be presented to the leaders with the organization that a strategic plan is essential for the IM / IT. Indicate the most significant elements that the administrator should address in the plan. Provide support for the rationale.
2. Assess the importance of a systems development life cycle as it pertains to both the development of a custom application, coupled with the selection of proprietary systems. Provide an example to support the response.
3. Recommend the key element necessary to ensure secure access to health care and patient information within a health care management electronic system. Provide support for the recommendation.
4. Make at least two (2) recommendations for improving the application of systems theory to health care IM / IT governance and planning. Provide specific examples to support the response.
5. Use at least four (4) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.