Reference no: EM132915904

1-It is said that free enterprise is the backbone of American business. With competition and profit being its chief characteristics. Understanding this to be true, how do you see competition and profit as benefitting both the business and the consumer? Without redefining the 3 main aspects of a business plan, how does a well-thought-out business plan help American businesses better reach their goals?

2-Collectively speaking, why must marketing, strategy, and finances be an essential part of any well-thought-out and constructed business plan? In your opinion which of these 3 features do you think is the most important to the long-term success of the business and why?

3-Choose any business you can think of, using it as your model what do you think would be considered their most essential non-cash assets, why? If the business you choose needed to borrow money to expand operations or acquire new assets where do you think would be the best source for them to turn to, why?

4-Using your understanding of the concept of accounting and how it is described as the language of business, explain the process in which transactions are recorded on a balance sheet with the the idea of showing how every transaction balances out while in turn proving the basic accounting equation. Next, explain the process of recording transactions on an income statement and explain how profits and losses are illustrated in terms of revenue and expenses.

5-Without redefining them, briefly and collectively summarize the 5 essential functions of accounting. Understanding this, explain why inventory is typically seen as the largest non-cash asset a business has and why payroll is typically seen as the largest expense a company will incur?