You will set up your own fictional business using eiither GAAP or IFRS standards, Provide the name and location of your business

Identify the goods and$/$or services offered

Identify which accounting standards will be used

Provide a list of accounts $($also known as the chart of accounts$)$; your list must include assets, liabilities, equity, revenue, and expense as well as current and long$-$term assets

Provide beginning balance amounts to each account in the list

Create an accounting journal consisting of a minimum of ten business transactions

Construct basic financial statements based on your transactions

Perform a basic ratio analysis to assess the success or failure of the business