Assignment: Task: This is an individual assignment in which you are required to form a business and answer some accounting related questions.
Assignment Requirements: Answer the following questions:
1. You are required to form a business and to write a brief introduction about it (name, services or products, legal form, merchandising or manufacturing, retail or wholesale, size, industry, etc...)
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. Develop a chart of accounts for your business.
6. Will there be a need to use special journals and/or subsidiary ledgers in your business. Discuss (whether your answer is yes or no).
7. As it relates to your business, when is it suitable to do the adjustment of the accounts and the closing and why.
8. 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.
Please note that you will need to address these questions in a way that is specific, appropriate, and directly relevant to the business chosen.