This assignment aims to reinforce and extend students’ knowledge and understanding of key topics in this course (HC1010) including: Overview of Accounting, Organisational Structure & the Reporting Environment, Statement of Financial Position, Statement of Financial Performance, Cash Flow Statement, Financial Statement Analysis, Accounting for Business Transactions, Cost Concepts & Behaviour, Preparation of Budgets, and Cost-Volume-Profit-Analysis through independent research and application of knowledge and skills.
Your friend Rob is from WA and he wants to start a business of his own. He is thinking of buying a Bakery in Melbourne. The shop has been there for several years but has not been a great success. Rob does not have sufficient savings and he may have to borrow a large amount of money to finance the purchase.
As you are an accounting student, you have been asked to advise the following:
a. What are theoptions of the forms of organisation that Rob can adopt for the business? Analyse the advantages and disadvantages of each option for Rob.
b. Will the choice of organisation affect the availability of finance for his business? Explain.
c. How can he raise the required finance? What security do you think he will need to provide?
d. How and what accounting information will assist Rob in making decisions in purchasing the business? What nonfinancial information should he be requesting?
e. What skills and/or accounting knowledge will he need to manage the business?
Please outline your responses to the above issues and provide your advice and recommendations to Rob in a report.
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