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Discuss the different financing options to set up your business and the reasons for your choice

Task: 1. The assignment requires you to form a business and to write a brief introduction about it 2. In deciding on the legal form for your business, discuss the reasons for your choice. 3. Discuss the different financing options to set up your business and the reasons for your choice (s). 4. Briefly define the role of accounting as it relates to your business (your answer should include accounting information, users of information, accounting process, financial accounting and management accounting, etc...) 5. Discuss whether financial statement analysis would be useful for the management of the business (include in your answer the types of analysis that can be used and how they are useful). 6. Name examples of the Property Plant and Equipment assets that are used in your business, and discuss the depreciation method that is suitable for these assets and the reasons for your choice. 7. Give ONE example of unearned revenue and ONE example of prepaid expense that may occur in your business. 8. Provide a list of items (statements, accounts, ratios, etc…) that a bank would be interested in, in making a decision to grant your business a loan. 9. Discuss the considerations that the management of your business would take into account in deciding on whether to distribute profits or to retain them in the business. 10. Prepare a hypothetical cash flow statement of your business and give examples of operating activities, investment activities and financing activities.

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