Financial Accounting - ACC 557
Describe the type of business you have created including:
a. The product or service, and general staffing plan. Provide a rationale for your plan. b. The form of your business and the benefits it offers your particular business,
We decided to initiate a Bakery with the name and style of LadyDi’s First Class Bakery, Our bakery will provide freshly prepared bakery and pastry products at all times during business operations. Six to eight moderate batches of bakery and pastry products will be prepared during the day to assure fresh baked goods are always available. We strive to be a leader using the latest technology and engineering to carry us into other areas such as new products or new automated equipment. We are committed to a safe work environment for all those employed. We believe growth is necessary to provide opportunities on an ever increasing scale for our people. Therefore, we are dedicated to profitable growth, growth as a company, and growth as individuals.
Our Mission statement is to provide a product of the greatest possible value to our customers, thereby gaining and holding their respect and loyalty while achieving sufficient profit to finance our company and its growth.
Our first responsibility is to satisfy our customers with quality of services and products, without which there would be no company. We will cater to our customers in a professional manner by offering quality merchandise, competitively priced and delivered with courtesy and professionalism. We feel a deep responsibility to our employees. c. A chart of accounts specific to your business, including a rationale as to the selection of each account. (Note: The chart of accounts is a blueprint of your business for the lender/investor. It should report the expected resources that you will consume in your business (assets), the sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product lines, etc.)
Chart of Accounts
|CHART OF ACCOUNTS | |Balance Sheet Accounts | | | | | | | | | | | | |1010 | |Change & | |201| | | | |Petty Cash | |0 | | |1210 | |Food | |2110 | |1440 | |P&L ACCOUNTS | | | | | ...