Financial Accounting Assignment: You Are an Entrepreneur

Topics: Asset, Generally Accepted Accounting Principles, Balance sheet Pages: 6 (1941 words) Published: April 28, 2013
In nowadays tide economic situation it is became more than hard for graduated students and even professionals to ensure they will find a suitable job and keep it for long. Many people are forced to stay in job they don’t like or that is not aligned with their education background just to survive and to be able to meet their basic needs. In light of this reality I decide to create my own business in partnership with a former colleague. The business name is Talent Source located in Baltimore. 1.Describe the type of business you have created

a. The product or service, and general staffing plan. Provide a rationale for your plan. Talent source is a human resources consulting company located in Baltimore Maryland specialize in providing a various quality Human resources services to feel the gaps faced by many organization in this domain. Our target is NGO and newly created companies like Talent Sources. Our aim is to provide high quality and very competitive services to our customers to allow them to save money while enjoying the excellence. The co founder of the company, have both a background in human resources, with a long and fruitful past experience, working with private sector and NGOs. This expertise gives us a valuable insight of the human resources market and the general common gaps faced by customers. We will use our education skills (MBA with concentration in human resources) and our knowledge of the human resources field to attract and maintain customer through the quality of services offered at a low price compared to the market practices. We will use our personal and professional relationship to build our reputation and generate services for our Company. We will be offering our services in the following human resources areas: Recruitment and selection Career and succession planning; Professional development; Performance management Benefit and compensation; Personal management and payroll system; Interpersonal communication; Facilitation; Salary scales; Team Building For the beginning the company will have only 3 employees: the founders and a secretary, who will be in the office receiving phone calls and customers, when we our out for business. We will develop a website for the company to promote our services for online customers. We are expecting to penetrate the market very quickly with our expertise, built a sustainable business and reach a very good profitability after three years. b. The form of your business and the benefits it offers your particular business, Talent Source is a Maryland human resources consultancy private partnership firm founded and own by Isabelle Djibo and Aniela Carter. c. A chart of accounts

Our business will be funded by a contribution from the cofounders and also by a loan we are expecting to have from a local bank to cover the gaps of the needed capital. We rent a small office for the business and will be facing expenses required for the office set-up and the salary of the secretary we hire. But in our projection we are expecting to have some activities during the first year that will allow has to generate service revenue. We are expecting to increase our revenue the second year while we will try to keep our cost at a reasonable level. Our business account chart will be like the below

Account numberAccount titleExplanation
1010CashTo record check, currencies, coins in hand checking account balance, 1020Account receivablesTo record amount for services performed but not paid yet 1030SuppliesTo record cost of supplies not used

1040EquipmentTo record cost of equipment
1050Accumulated depreciation equipmentTo record allocation depreciation cost to the equipment since it is used
210Account payableAmount in account for services or goods provided to the company 220Note payableLoan from bank
230Interest payable
240Utilities payableAmount due to utilities providers
250Salary and Wage payableAmount owned...
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