Student life does not generally afford a great deal of free time to pursue your personal interests; however, at one point, you may have considered turning a personal interest or hobby into an official enterprise. Today, you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor.To obtain funding, you need to convince a lender / investor that your business is more than a hobby. You need to demonstrate that you have a firm grasp of your business, the accounting practices that impact your business, the controls needed to safeguard assets, and which accounting system will produce accurate and relevant financial information.Write a six to eight (6-8) page business plan in which you:Describe the type of business you have created including:The product or service, and general staffing plan. Provide a rationale for your plan.The form of your business and the benefits it offers your particular business,Achart of accounts specific to your business, including a rationale asto the selection of each account. (Note: The chart of accounts is ablueprint of your business for the lender/investor. It should report theexpected resources that you will consume in your business (assets), thesources of those resources (liabilities and equity), the sources ofrevenue, and expenditures that you expect to incur to earn thoserevenues. You may build a detailed chart that includes business units,divisions, product lines, etc.)Basedon the form of your business, analyze whether or not you will berequired to use Generally Accepted Accounting Principles (GAAP) orInternational Financial Reporting Standards (IFRS) accounting methodsand how the IFRS / GAAP convergence will impact your business. Suggesthow you will incorporate any changes into your books and records. (Note:You need to demonstrate to the lender/investor that you have recognizedpossible changes to GAAP that may impact the accounting and reportingof your accounting events.)Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.Consideringthe value of assets (assigned per your balance sheet) used within yourbusiness, recommend two (2) specific internal controls that you willimplement to protect your company’s assets and resources, justifying howeach will provide assurances to management. (NOTE: Safeguarding assetsand protecting personal data are paramount to ensuring the viability ofa business. Demonstrate to the lender/investor that your assets willbe safeguarded and customer information (if applicable) will beprotected.)Basedon the internal control recommendations that you made, suggest how youwill implement each within your business environment, indicating howchallenges or resistances will be overcome. Evaluatethe impact of the regulatory environment, including the Sarbanes-OxleyAct and other regulatory requirements, on your business venture, givingconsidering to how you intend to comply with the requirements and thegeneral impact to decision making within your business.Useat least four (4) quality academic resources in this assignment. Note:Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements:Betyped, double spaced, using Times New Roman font (size 12), withone-inch margins on all sides; citations and references must follow APAor school-specific format. Check with your professor for any additionalinstructions.Includea cover page containing the title of the assignment, the student’sname, the professor’s name, the course title, and the date. The coverpage and the reference page are not included in the required assignmentpage length.The specific course learning outcomes associated with this assignment are:Examine accounting principles and concepts used in businesses.Assessappropriate internal controls, regulatory requirements according to theSarbanes-Oxley Act, and fraud prevention and detection.Use technology and information resources to research issues in financial accounting.Write clearly and concisely about financial accounting using proper writing mechanics.Gradingfor this assignment will be based on answer quality, logic /organization of the paper, and language and writing skills, using thefollowing rubric.