2024 – Assignment 1 Discussion Forecasting and Preparing Financial Statements Tina one of your friends approached

Assignment 1: Discussion—Forecasting and Preparing Financial Statements

Tina, one of your friends, approached you and proposed a partnership in a new venture that she is planning to start—a fashion boutique that will sell women’s clothing and accessories. She told you that she leafed through several books on how to prepare forecasts and pro forma financial statements, but the books were geared toward existing firms that have several years of historical financial statements on which to base their projections.

In this assignment, you will review the accounting concepts and financial statements presented in this module to critically evaluate the challenges faced by your friend in her new business venture.

Tasks:

Respond to the following points:

• If your friend asked you for advice on how to prepare forecasts for a new fashion boutique for women, what would you tell her?
• As a potential partner, what would be the important financial statements to be in place for an initial assessment of the venture? Provide details and justification of each choice.

Submission Details:

• By Saturday, April 2, 2016, in about 300 words, post your responses to thisDiscussion Area.
• Through Wednesday, April 6, 2016, respond to at least two of your classmates’ posts who chose terms different from yours. While responding, address issues brought up in your classmates’ posts and compare them with yours.

Write your initial response in 300–500 words. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation

Do the following when responding to your peers:

• Read your peers’ answers.
• Provide substantive comments by
• contributing new, relevant information from course readings, Web sites, or other sources;
• building on the remarks or questions of others; or
• sharing practical examples of key concepts from your professional or personal experiences
• Respond to feedback on your posting and provide feedback to other students on their ideas.
• Make sure your writing
• is clear, concise, and organized;
• demonstrates ethical scholarship in accurate representation and attribution of sources; and
• displays accurate spelling, grammar, and punctuation.

Grading Criteria

Assignment Components	Max Points
Initial response was: Insightful, original, accurate, and timely. Substantive and demonstrated advanced understanding of concepts. Compiled/synthesized theories and concepts drawn from a variety of sources to support statements and conclusions.	16
Discussion Response and Participation: Responded to a minimum of two peers in a timely manner. Offered points of view supported by research. Asked challenging questions that promoted discussion. Drew relationships between one or more points in the discussion.	16
Writing: Wrote in a clear, concise, formal, and organized manner. Responses were error free. Information from sources, where applicable, was paraphrased appropriately and accurately cited.	8