Accounting Homework
You are interested in establishing a small business. Write a paper between 1,000 and 1,500 words discussing your small-business idea. Include the following:
i. Discuss your business and the product or service your small business provides.
ii. Identify which accounting method (i.e. cash versus accrual) you plan to use for your business. Why did you select this choice?
iii. List six business transactions you expect to incur with your company. State which accounts (from your chart of accounts) are impacted.
iv. Discuss how each business transaction (see point 3) impacts your income statement, balance sheet and statement of cash flow.
v. Select one organization type (sole proprietorship, partnership, C-corporation, and S-corporation) for your company and explain why you selected this option.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.