Accounting Research Project – required to be submitted by the end of week 8
Research the basic requirements to establish your own funeral home in your town and create a budget to establish and open the funeral home. The budget is to cover all costs that have to be incurred and if any mortgages or long-term liabilities are incurred how they affect the future expenses.
The purpose of the project is to research establishing and opening a funeral home.
Begin with a paragraph detailing what type of funeral home you would open and in which city and state it would be opened. Type of funeral home refers to full service funeral home, direct cremation service, etc. Type of ownership, etc.
Once the business is defined place the requirements of you state within the next paragraph…What are the requirements to open? Size requirements, display requirements, equipment requirements, etc… Will you rent, will you purchase, etc – these all have to be considered in the budget.
Determine the cost to meet requirements and define how you will meet the costs and how much as well as how you will raise the funds.
Provide a chart of accounts for the business and end with a balance sheet.
Links you might find useful:
Budgeting: The Value for Funeral Homes