Hi,This is an essay for accounting,and my teacher gave me some comments on the essay.Therefore, could you help me to revise it, and make it perfect.

EXPLORES POSE PHOTO STUDIO This is kind of new business investment that is designed to deal with photography. This is not an easy business as it requires the photograph do away with the emotions and take a picture that has to make people smile when they look at the photo. Photography business is so amazing as it can be both a mortar location business or a home based business. Explorers pose photo studio is meant to serve all the needs of those living in the town and those from outskirt of the town. It should serve the interests of all people with regards to their demography. The vision of the business is to make it a place where people are proud of. The structure of this business is a sole proprietor. The structure suits it so much as few amount of capital is needed when starting it. Another reason is that it gives me a lot of freedom to enjoy greater flexibility. I can change easily from motor location to a homebased business. Few taxes and legal control are needed. After I have the concepts of a photo studio it is so much easier for me to establish it. \"A successful man is one who can lay a firm foundation with the bricks others have thrown at him.\" - David Brinkley. The structure of this business will also motivate me as I will not have profit sharing. With regards to decision making in the business it will be very fast as I will not me to consult anyone. I will be able to come into conclusion very fast as I will not involve no one else ideas. The determination about the business is mine independently. I will be able to build and create relationship with my workers based on my liking and trust. I will need some money to buy equipment's that I need in my business, legal finances for example money needed to register my business and insure it and money that I will use to pay my workers. Equipment like camera, lenses, lighting, tripod among many others. Since my business will need around 10 000$, borrowing from the bank is the most appropriate source of my capital. This will make me start my business as fast as possible and gain profit fast as the interest of the loan is low 25%. Bank loans lacks to assume any kind of ownership in a business. The loan will also offer me access to a very large array of terms, interest rates and application rates. The credit release will provide enough working capital for my business. I will also get money from my friends and family members. This will be an effective way as they are close to me and it is easy to believe in my vision and make it come to reality. To keep the relationship progressing I will consider this method of money raising as the one-year high interest loan. I will borrow just enough money to launch my business into operation and thereafter create additional pitch to allow me get some huge amount of money. Both my friends and I should some legal advice so as to avoid the racking up of the legal fee. The last source of raising my money will be investment. This will give me an enormous success as I will raise huge amount of money. For me to achieve this I will leverage and time the right contacts. I will build a large amount of trust to my early investors by funding them their money and interest also. Before I start this business I will need to sit back and plan on how I will invest the money after I have raised. There is rent I need to pay so that I can be allowed to set up this business in a good site. The rent is about 20$per month. I will also have to insure my business. Some of the insurance that I will consider include; General coverage in situation like someone has broken something and I get sued, coverage of commercial auto and inland marine This may be 50$ per annum. The other kind of investment include buying of the equipment. This may be 50$ per annum. G. Bennett Stewart III. The Quest for Value (HarperCollins, 1991). In budgeting of the equipment, I need to buy one awesome lens. The lens will come along with my camera. It may not be good for shooting weddings but it will help in portraits. This should be a pro lens which is 2500$. It is cheap but amazing for me to start a photo studio. I will need an adobe light room. This is an editing software for my photos. This will cost me around 3000$ TYPE OF INVESTIMENT CAPITAL RENT 20$ WORKERS 5000$ LENS 2500$ LIGHT ROOM 3000$ CARDS 50$ INSUARANCE 50$ COMPUTER SYSTEM 11800$ TOTAL COST 22400$ After investing my capital in the buying of the equipment and the overall progress of the business, I will need business reports which involves; Cash reports, stock records, expenses reports, sales reports, payable reports, balance sheet and income statement. Sales report will help me to know the amount earned when the service is being provided to the customer. It will calculate the service for the day, month or a year. This should be kept by my management officer. There is also an income report which will indicate the amount of money gained and the profit. This will help me to plan on the kind of service that am going to provide my customers with. Sullivan, A. Steven M. (2003). Economics: Principles in action. Upper Sad- dle River, New Jersey for example, if the income will be too low I will need to improve my services. It will also act as a motivating factor in case the income is high. The expenses report will indicate the amount of money that I need so as to keep the business running. It will include the money needed to buy new equipment, pay the workers and repair broken down equipment. I will also need a stock record in which it will help me know the amount of cards that I need to buy and those one that I already have. It is important for the business as it will always progress. In additional to that I will need a balance sheet. In this balance sheet I will indicate the liabilities and investments. This is going to help me know if am progressing of not. In case of an error in the business it will reflect on the balance sheet. The balance sheet will include the name of my business and the date it was written. Sullivan, A. Steven M. (2003). Economics: Principles in action. Upper Saddle River, New Jersey In order to evaluate my report, I will use profitability ratios. This is a financial metrics class that will help me assess my business ability. This will be, relative to the expenses used and the cost incurred in the business. If there is a higher value as compared to my competitor or compared to prior ratio, then I will know that my business is doing well. On the other hand of debt repayment, liquidity ratio will be the most appropriate way. This will measure my business ability to repay the debts. This will be done through some calculations which include the; operating cash flow ratio, quick ratio and current ratio. Analysis of the current ratio relative to the liquid assets will help me cover the short term debts. Since Liquidity ratio also cash flow it will also reflect the mortgage originators and the Bankruptcy. Working capital is the most liquidity ratio which indicates the difference among the current liability and the current assets. Incase my business will have a positive working capital that shows that it has many assets than liabilities then it will be able to pay short term debts. In conclusion for my business to progress I will need enough amount of money to purchase the equipment and employ workers. All measures for an effective business will be followed. REFERENCES Brealey, Myers, and Allen (2005). Principles of Corporate Finance, 8th edition McGraw-Hill/Irwin Bennett, S. (1991) The Quest for Value; HarperCollins Sullivan, A. Steven M. (2003). Economics: Principles in action. Upper Saddle River, New Jersey Accounting - February Intake 2016 Report 2 Student Name: ________________________________________________________ Student Number: ______________________________________________________ Tutorial Time: __________________________________________________________ Due Date: During tutorials, the week starting the 12 September 2016 Weighting: 5% of total mark Word Limit: 1 000 words (max) TOTAL 5 marks Report Instructions: Using the information provided, you are to write a report on a business venture of your choice. The report must be word-processed and set out using the correct format, including an introduction and body. The report must also contain appropriate headings and subheadings and include a bibliography of any reference materials used. You can provide one (1) draft for review. This must be included when you hand in your final report. The DUE DATE for drafts is Thursday, 1 September 2016 by 5 PM to your tutor. NO late drafts will be accepted. 1 Task: In a business, the main activities which require your knowledge of financial accounting are: 1. 2. 3. 4. Financing Investing Reporting and measurement Analysis and interpretation Imagine that you are starting a business of your own. Using your knowledge of accounting, you are to write a report which: a) Discusses the legal structure you would choose for your business. b) Discusses how you would undertake the activities of financing and investing, with regards to your business. You must provide specific examples (amounts in Australian dollars), for these activities. c) Outlines the measurement and reporting you would use to set up and manage the business in both the short and long term. You will be required to research various financial reports and explain why you would use these statements for your business. d) Describes the type of analysis and interpretation you would undertake to judge whether your business is doing well. You will be required to research various analytical techniques and explain why you would use these methods to evaluate your business. Suggestions This report is an \"open-ended\" question which allows you to use your imagination and think about what type of business you may like to start. To help you develop your business plan, you should do some thinking about the following questions over the page. Use the steps over the page to assist with your response. 2 Step 1: Choose a Business (50 words) Try to select a business type that may have some appeal to you. Be as creative and imaginative as you want. Some examples include: Hairdresser/beauty salon Clothing shop Mechanic Web site/game designer Fashion designer Restaurant/caf etc. Describe your business idea, the name of your business and what the business does (service/retail/both). Outline what your vision is for your venture and where it is to be located. You may suggest a slogan for your business or design a logo as well. Step 2: Business Structure (150 words) Explain which business structure would be most suitable for your business: Proprietorship (sole trader) Partnership Company You are free to select any structure but put forward some reasons why you chose this particular structure. Step 3: Detailed Planning (800 words) FINANCING DECISION (200 words) Explain how much start-up money the business will need - you may need to think about the 'Investing Decision' first Outline where you are going to get the money from. Are you already wealthy, or will you have to offer shares (you will have to select a company structure if you want to do this) Do you plan to borrow some money from a bank? How much? What is the cost (interest, fees) of this borrowing? Did you inherit some money? Will you have partners who each invest in the business? 3 INVESTING DECISION (200 words) Outline the types of non-current assets your business will need. You should complete research on the internet to find realistic prices for these assets, or find the cost of hiring/leasing them. Consider vehicles, computers, furniture, shop fittings, cash registers, machinery, kitchen equipment etc. Estimate how much money will be needed for rent (bond and prepaid), inventory (if a retail business), the first month's expenses e.g. utilities etc. Summarise your findings in a table, showing references as appropriate. You could visit another similar business in the city to get some ideas. REPORTING and MEASUREMENT (200 words) Describe the types of financial reports that are required to manage the business in both the short and long term. These could include: Sales Reports, Expenses Reports, Cash Reports, Accounts Receivable Reports, Accounts Payable Reports, Payroll Records, Stock Records, Income Statement, Balance Sheets etc. Outline how often the business would require reports. Consider daily, weekly, monthly, quarterly, half yearly, yearly/annual reports Note: You do not have to actually include examples of any reports; just describe their contents, purpose and why your business would need them. ANALYSIS and INTERPRETATION (200 words) Describe what kind of tools and techniques you will use to evaluate the reports produced. Consider horizontal and vertical techniques, short term or long term trends and financial ratios (liquidity, profitability, investment ratios) You should provide definitions and formulae (where appropriate) for all analytical tools and explain why they would assist in evaluating your business. 4 Report Format Ensure you use the correct report format as follows: Appropriate cover page and title Introduction - outlining what will your report discuss Body - where you cover the areas as discussed earlier. The Body should also have logical subheadings to separate each section. Bibliography (remember to cite all references alphabetically using the referencing guide used in EAP) Appendix (if needed) - to further explain information provided in the body of the report e.g. pictures of non-current assets/inventory, location map, logo design, management structure (if a company) etc. GOOD LUCK! MARY, FELIPE AND WENDY THE ACCOUNTING DEPARTMENT 5