Building a Business: Continuing Team Exercise
Assignment
Meet with your team members to consider your new business venture and how it relates to the accounting topics in this chapter. Develop specific responses to the following:
15-11. In your first year of operation, who will perform accounting functions inside your company? Will you contract some or all of the work to a public accounting firm?
15-12. Create a list of the types of transactions that your accountant will record, including the purchase and sale of assets as well as revenues and expenses.
15-13. Based on the development of your business to date, create a preliminary or pro-forma income statement for your firm’s first year of operation. Be sure it includes listings of relevant terms ...
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