Assignment #2: First Steps Educational Program

08/15/2013

Financial Accounting

Professor: Dr. Wendy Achilles

Abstract

First Steps Educational Program is a program that will incorporate traditional educational methods and Montessori methods. The program will educate students from the age of 2 – 17 years old. Teachers will identify their learning styles early in the program and will create a program that best fits their educational journey. The school will begin in Mississippi and other low performing areas to offer parents and students an alternative to education. Lastly, the school will give back to the community by giving under privileged students scholarships and also a fund will be set up to help build new schools in Haiti.

First, with First Steps Educational Program , I will describe the type of business that I have created including: (a) the product or service, and general staffing plan. I will also provide a rationale for my plan, (b) the form of my business and the benefits it offers my particular business, and (c) a chart of accounts specific to my business, including a rationale as to the selection of each account, the sources of those resources (liabilities and equity), the sources of revenue and expenditures that I expect to incur to earn those revenues. I will build a detailed chart that includes business units, divisions, product lines, etc.) Next, I will analyze whether I will be required to use GAAP or IFRS accounting methods and how the IFRS/ GAAP convergence will impact my business. I will then seek ways to incorporate any changes into my books and records. Then, I will prepare a pro form balance sheet and an income statement providing the assumptions made and support for these valuations.

Fourthly, First Steps Educational Program, I will recommend two