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ACC 561 Week 2 Individual: Small Business Analysis
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:
- Discuss your business idea and the product or service your small business provides.
- Identify which accounting method (i.e. cash versus accrual) you plan to use for your business. Why did you select this choice?
- List six business transactions you expect to incur with your company. State which accounts (from your chart of accounts) are impacted.
- Discuss how each business transaction (see point 3) impacts your income statement, balance sheet and statement of cash flow.
- Select one organization type (sole proprietorship, partnership, C-corporation, and S-corporation) for your company and explain why you selected this option.
Format your paper consistent with APA guidelines. Deliverables: Paper (MS Word) and Turnitin report (Adobe PDF).