Identify and describe the nature and types of both financial information, non-financial information

Choose ONE of the following business scenarios: - 1. Cynthia’s hairdressing and beauty saloon 2. Rajoy’s milk bar (opening in 3 locations) 3. Ali’s franchise Subway outlet 4. John Smith’s car repairs and tyre shop 5. Scoots Tools Manufacturing factory 6. Koala and Kiwi Travel and Tours Shop REQUIRED It is the responsibility of you as the newly appointed accounting and finance person to determine, decide and recommend on the following: Discuss the factors that need to be considered in selecting or using an appropriate business structure (2 mark) Explain the basic advantages and disadvantages of a sole proprietary, partnership and a company; in relation to selected business (2 mark) Identify and describe the nature and types of both 1. financial information; and 2. non-financial information required. (List and define each of them and you would need to also emphase on the more pertinent and important data for the business to focus on.) (6 marks) Outline the main accounting and supporting systems you would envisage for operating the business. (You can illustrate with relevant spreadsheets and/or formats.) (4 marks) Describe the significance and applicability of the 4 main accounting assumptions in the accounts of your business. (2 marks) Describe the possible capital expenditure decisions that could arise the course of your business. (2 marks) ? How would you likely do the planning and budgeting for your business (i.e. for more immediate future and for 3 to 5 years ahead)? (2 marks) Additional Notes Students should prepare the assignment as a report with a brief introduction and conclusion. All sources should be referenced using the style prescribed in APA 6th edition. All work should be the students own and any plagiarism will result in a nil grade and a notice being sent to the Academic Dean. Word limit should be no more than 1,200 words, a margin or 10% more or less than 1,200 words is permissible.