Continental J. Social Sciences 4 (3): 1 - 8, 2011 ISSN: 2141 - 4265
© Wilolud Journals, 2011 http://www.wiloludjournal.com
Printed in Nigeria
ENTERPRISE ‘FROG LEAPING’ THROUGH BASIC ACCOUNTING AND BUSINESS PLAN
Raheem Shefiu
Centre For Entreprenuership Development (CED), Yaba College of Technology,Yaba, Lagos.
Email: bestraheems@yahoo.com
ABSTRACT
Some entrepreneurs plan their businesses to fail while others fail to plan their businesses for survival
and profitability. Truly, businesses can never thrive and grow profitably without a well planned and
thought-out business plan coupled with basic accounting principles. A business plan can be defined as a
proposal for the creation of productive capacities for the manufacturing of goods or service rendering.
What interests the financial institutions and others in business plan include the managerial and
entrepreneurial capacity of the entrepreneur, social-economic benefit of the project, present and future
demand of the products, the technical feasibility and financial viability of the project. Every
businessman must prepare financial reports which include statement of accounting policies, balance
sheet, profit and loss account and the cash flow statement among others. Financial statements are
usually prepared in accordance with the company and Allied Matters Act of 1990 (as Amended),
International Accounting Standard (IAS), Statement of Accounting Standard (SAS) and requirements of
the Nigerian Stock Exchange.
KEYWORDS: Entreprenuership, Enterprise, Business plan, Basic accounting , Business growth