Format:ReportPresentation:NoAny special requirements:All work should be submitted on the Student Portal along with an acceptable Turnitin Report. The assignment should be submitted in groups, minimum of three and maximum of four members, the leader of the group must make full submission with all membersâ ID on cover sheet, each other member must onlysubmit the cover sheet with his or her ID first, followed by other members ID and names.Word Limit:2,500 words (with 10% plus or minus leeway). This must be strictly adhered to, 10% marks will be lost if not adhered to.Deadline date for submission:TBDLearning outcomes to be examined in this assessmentDescribe and analyse the different types of business entities and the role of accounting information in a business context.Percentage of marks awarded for module:This assignment is worth 50% of the total marks for the moduleAssessment criteriaExplanatory comments on the assessment criteriaConstructive critical analysis, introduction, conclusion· Relevant, accurate content, demonstrating research, as required by the assessment task.· Coherent and clear discussion of the different forms of business· Clear comparison between financial and management accounting· Critical discussion of the different sources of financeReferencing Style· Full in-text referencing using the Harvard citation style.· Structured reference list or bibliography using the Harvard referencing methodContent, style, relevance, originalityClear demonstration of rigorous research from recognised authoritative sources. Audience focus; report formatIntroduction, conclusion and recommendation· Coherent and concise introduction, conclusion and clear recommendationsAssignment Task:You are a semi senior member of staff at the Accounting firm called Grant Thornton You have been appointed to deal with a couple Mr and Mrs Hosey, new prospective clients who have just retired from their employment after a long service. The have retired with a tidy sum of money and are planning to start a business they can call their own or control.This couple who want to set up a business have no idea as to what type of business they want to get into let alone the form of business entity available to themAs a Semi-Senior member of the accounting staff, you are required to write a report to be delivered by your firm to this couple explaining the issues below:· Explain the different forms of business units(sole proprietorship, partnership, limited company) available, highlighting the benefits and limitations of each (Marks: 20)· Explain financial accounting and management accounting, highlighting the differences between the two strands of accounting (Marks: 20)· Assuming that you have not been given any information about the funds the couple have available. Explain the sources of finance available to a business owner, looking at Short-term sources, Medium-term sources and Long-term sources of finance giving examples of each.(Marks: 30)· Style, layout, format (Report writing format expected) and relevance (Marks: 5)· Introduction, conclusion and Recommendation (Marks: 15)· Referencing – Harvard Style (Marks: 10)Total marks for assignment: 100
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