Accounting Method

Question 1

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:

1. An explanation of your business and the product or service your small business provides.

2. Identify which accounting method (i.e. cash versus accrual) you plan to use for your business. Why did you select this choice?

3. List six business transactions you expect to incur with your company. State which accounts (from your chart of accounts) are impacted.

4. Discuss how each business transaction (see point 3) impacts your income statement, balance sheet and statement of cash flow.

5. 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 and submit your paper and Turnitin report via the assignment files tab.

Question 2

With social media playing such a large roll in our industry today, it is important to understand how to communicate effectively within its constraints. As with Twitter, we have a limited amount of characters to apologize to guest complaints. In the exercise below, you will need to respond to my guest complaint on Twitter and stay within their constraints.

TWITTER COMPLAINT:

Waited for over an hour for my table. Service was slow. Cold Food. #dontgo #badservice #badfood

Assignment:

In 140 characters or less you must respond to the guest complaint, resolve the issue, and ensure the guest will return.