Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Accounting for Small Businesses Research Project
Accounting, Small, Businesses, Research, Project
You are to create a new business (hypothetical) and at the highest-level talk about the nature of your business, the products you sell and/or services you provide, the target market for your products or service, the organizational and business structure, key business risks and the key technology components appropriate for the first year of operation. Your company must be headquartered in the US and follow US GAAP.
Background:
Each person has initial total assets equal to $500,000 with the following composition: Cash $450,000 and Short-term investment $50,000. $75,000 of the $450,000 cash is a bank loan (5-year note payable) at interest rate of 4% and the remainder is contributed capital based on your business structure. Your company was incorporated on April 8, 2020 and all transactions occur in the month of April. The first reporting date is April 30, 2020.
Imagine that you are providing information to the board of directors and the external auditors. The information contained in the company overview document, the chart of accounts, AIS, and controls matrix should be descriptive enough for an outsider to understand the company but not wordy or redundant. It should be professional – using appropriate headers, paragraphs, diagrams, color, and any other formatting or tools available to ensure the information is understandable.
Overview:
The purpose of this project is for you to:
1) Develop an in-depth understanding of origination of a business and constructing flow diagrams to couple business requirements
2) Build professional briefs to explain your business
Deliverables:
(1) High-Level document explaining your company created above ($500,000) which should include the business name, nature of business, products sold, target market, business structure (should have a board), business risks and technology.
(2) Understanding to operate you need to purchase resources to use and consume (assets and expenses) in order to earn revenue – this is called expenditure cycle. Please create a narrative describing a sample transaction’s flow through your expenditure cycle. The narrative should include:
- The requirement determination, vendor selection, and the purchase order
- The receipt of goods
- The invoice verification
- The vendor payment
In addition, you will create a flowchart that illustrates the process.
(3) It is imperative that your business make money/revenue. As such you will create a narrative describing a sample transaction’s flow through your revenue cycle.
The narrative should include:
- The initial inquiry from a potential customer
- The creation of the contract, if appropriate,
- The credit policy, if you extend credit
- The order entry
- The shipment, delivery, or rendering of the merchandise
- The billing, if appropriate
- The cash collection
In addition, you will create a flowchart that illustrates the process.
Company Overview (40%)
Consider how each concept/topic discussed relates to your business.
Expenditure Cycle (30%)
Please craft a response to the expenditure cycle using the following two requirements:
- Word document that describes an expenditure transaction from procurement to payment (e.g. a narrative of the process).
- Flowchart (either in Microsoft Visio or in PDF if another tool is used) visually depicting the expenditure process
A few things you may want to discuss:
- (1) Who initiates and who authorizes purchase requisitions and purchase orders?
- (2) What are the potential threats to your ordering process? What internal control policies are you going to enforce to mitigate these risks?
- (3) How do you assign job responsibilities to ensure segregation of duties in ordering, receiving, and disbursement?
- (4) Inbound logistics is a labor-intensive process. What technological tools do you plan to use to improve the efficiency of the process?
- (5) How many duplicates of the purchase order and the receiving report are appropriate for your business and where do they go after they are created?
- (6) When and who will prepare the payment voucher?
- (7) When is the “inventory” account debited and the “accounts payable” updated in the subsidiary ledger and in the control ledger? Who is responsible for each of these tasks?
- (8) What are the key internal controls that you would implement to ensure the records are accurate, valid, and complete?
- (9) Are there independent checks and reconciliations in your procurement process?
Revenue Cycle (30%)
Please consider the following questions as part of your related submission for the revenue cycle.
(1) Who responds to initial inquiries?
(2) Who handles the proposal/negotiation?
(3) What is the credit policy?
(4) How do customers order goods or services? (By Internet? By Phone? Walk-in?)
(5) Where does the order go?
(6) Who will see which part of the order? (Warehouse? Billing? Inventory Control? Cashier?)
(7) When and who will prepare the invoice, if appropriate?
(8) When and how does the order become sales revenue and accounts receivable?
(9) What is the outbound logistics process?
(10) What are the internal controls that you would implement to ensure the records are accurate, valid, and complete?
(11) What internal control techniques (e.g., customer audit, secret shopper, petty cash) would be appropriate for your cash collection process?
(12) Is a cashless payment system appropriate for your business? If so, what type might you use? How does a cashless payment affect how transactions are recorded?
(13) Consider the key decisions you will make throughout the revenue process, what quantitative analyses will offer insight into these decisions? When and where would you collect such information?
(14) What controls would you implement to ensure privacy (customer) and confidentiality (trade secrets, etc.)?
Please craft a response to the expenditure cycle using the following two requirements:
- Word document that describes each major revenue stream from order to cash receipts (e.g. a narrative of the process)
- Flowchart (either in Microsoft Visio or in PDF if another tool is used) visually depicting the revenue process
Audience:
Assume that you are owner and that the audience for this submission is your board of directors and funders (e.g. bankers).
Honor Code:
You may share freely with others both inside and outside of class to learn about your topic and to craft your presentation. If data, images, or other materials are used in the presentation, they need to be cited appropriately.
Have fun creating your dream company!
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!