Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

After creating a business plan, what is the next essential step an entrepreneur should take?

File annual tax returns for the business

Close the business to avoid future liabilities

Begin distributing profits to shareholders

Secure financing or funding for the business

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Verified step by step guidance

Understand the importance of securing financing or funding: After creating a business plan, the next essential step is to ensure the business has adequate financial resources to operate and grow. This involves identifying the amount of capital needed and exploring funding options.

Evaluate funding options: Entrepreneurs can consider various sources of financing, such as personal savings, loans, venture capital, angel investors, crowdfunding, or grants. Each option has its own advantages and requirements.

Prepare financial documents: To secure funding, it is crucial to prepare detailed financial statements, including projected income statements, balance sheets, and cash flow statements. These documents demonstrate the financial viability of the business to potential investors or lenders.

Present the business plan to potential financiers: Share the business plan with banks, investors, or other funding sources. Highlight key aspects such as market analysis, competitive advantage, revenue projections, and how the funds will be utilized effectively.

Negotiate and finalize funding agreements: Once a funding source is identified, negotiate terms such as interest rates, repayment schedules, or equity stakes. Ensure the agreement aligns with the business's financial goals and long-term strategy.