Answer the following questions in
1. You are required to form a business of your choice and to write a brief introduction about it (name, services or products, legal form, merchandising or manufacturing, retail or wholesale, size, industry, etc…)
2. In deciding on the legal form for your business, could you discuss the reasons for your choice?
3. Discuss the different financing options to set up your business and the reasons for your choice (s).
4. Could you briefly discuss the role of accounting in your business (your answer should include accounting information, users of information, accounting process, financial accounting, and management accounting, etc…)
5. Develop a chart of accounts for your business.
6. Will there be a need to use special journals and subsidiary ledgers in your business? Discuss.
7. In your business, when will it be suitable to do the adjustment of the accounts and the closing of the funds and why?
8. Discuss the considerations that the management of your business would take into account in deciding on whether to distribute profits or to retain them in the business. Please note, that it is expected that you address these questions in a specific way as they relate to your chosen business. (Providing general information is not the purpose here, rather You need to be specific and your answers should be relevant and suitable to the characteristics of the business you have chosen).
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