ACC 557 Assignment 2 You Are An Entrepr

1169 WordsNov 13, 20145 Pages
Assignment 2: You are an Entrepreneur Roxanne Joseph-Jerry Strayer University ACC 557 Financial Accounting ­­­Professor Daniel Terfassa August 21, 2014 Table of Contents: Executive Summary Company Summary Start Up Summary Start Up Expenses Income Statement Balance Sheet Internal Control Compliance and Regulatory Bodies References Executive summary ABC Learning Academy aims to prepare its students to excel as young leaders of tomorrow by combining an exclusive collegiate-based curriculum tailored specifically for children with enhanced, first class child care services. Unlike our competitors, we offer advanced technology programs, after-school tutoring and activities such as arts and crafts, dance, theatre and…show more content…
GAAP is implemented through measurement principles and disclosure principles. Measurement principles recognize and determine the timing and basis of items that enter the accounting cycle and impact the financial statements, such as the period in which transactions will be recorded. Disclosure principles determine what specific numbers and other information are essential to be presented in financial statements. Basically, GAAP is concerned with: the measurement of economic activity; the time when such measurements are to be made and recorded; the disclosures surrounding this activity; and the preparation and presentation of summarized economic information in financial statements. Although smaller companies are not required to use GAAP, there are certain situations, such as obtaining credit or seeking investors, which require, by contract, those companies to also follow GAAP when preparing their financial statements. Using GAAP helps the business and

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