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Question number 1

 

Partnership

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According to partnership act 1890
defines partnership as a relation between people carrying on a business. And it
is commen with a view profit.

 

Lets find out what are the strength
and weakness of the partnership

Partnership is easy to manage and
run because partner can share their responsibilities and the can share their
risk and can be get partner abilities to business

Partnership business has two or
more people. Then every business want capital. There are two or more people then
that people put money for business and they can make stable base for the business.
Capital is the one of foundation of business. using this method can make good foundation
for business.

People likes many different ideas
for that how the business should be run. what is the best for our business.

There are number of weakness. One
of is disagreement between partners. Some partners not willing to agree with
other ideas. When that the idea good or not but business can’t be absorbed because
of disagreement between partners. Some times it is the best option for business
but can’t adapt in to the business because disagreement.

Agreement is another weakness of t
business. Because if partners rise hand to bad decision. But some times other
partners have to agree it. It is threat foe business

Unlimited liability is another weakness.
Partners share financial risk and liability. But partners spend their money.  has not better protection, low security.

Profit share equally. Sometimes partners
put off their things than other to business but profit divided to equally. It is
another weakness of partnership

 

Limited liability

Ownership is
in the hand of shareholders and director is appointed. And director arrange meetings
and meetings are often annually.

 

Lets find out
what are the strength and weakness of the limited company

                                                                                                                                  

Shareholders invest
their money in share market and different shareholders invest different investment.
But liability is limited. they accrue what the invent and no more. And they can
get comfortable feeling of security.

Employee can
join share market and can buy share and then employee become a share holder of
the business. It is extra motivation for employee because employee use their
money to parched company shares and they work improve company level.

There are
simple legal actions because government helps to them to invest money in share market
and sometimes they reduce their legal things.

And only taxed
for their income. Members can consider that tax level. It is easy to control
business things

Usually directors
are the main shareholder of the company and company control and handling remain
in their hand. Then decision can be made quickly and easily.

 

When make decision
some time makes argument between directors and shareholders. Some shareholders
don’t know about company past performance. But argue with directors.

 

 

Question number
2

Financial and
management accounting are important things for business. These are two things
and showing different purpose. Accounting determine what are the operational
plans for future and review past performance and check current situation. But financial
and managerial accounting have alien audience. But these two functions are
important to take daily business decisions. And show business direction

 

Financial accounting

It is used to
check present financial situation in an organization for shareholders. Financial
accounting report use director stock holders financial institutions and other
investors. Its present specified time period. Then Audience can get idea about
company performance.

 

Management accounting

 Its used by managers for get day to day operational
business decisions. Management accounting not shows past performance of. But present
current and future trends.

 

different

Management accounting
shows present situation and financial accounting Present past performance for
external stakeholders. And financial accounting great to protentional and current
investors. Management accounting for managers to make future and current decisions.

Financial accounting
tiny and sharp and it cohere to GAAP. Management accounting is often of guess
or estimate. Because managers not enough time to deal with numbers.

Financial accounting
reports on the adjustment of an entire business and financial accounting report
on profitability of the business.

And Management
accounting always report at a profit by product line, geotropic region and costumers
etc.  And its is used to specifically
recognise what is the problem and how fix it. Financial accounting shows proper
valuation of liabilities and assets. Management accounting Not concern value of
these item and only their productivity.

 

Conclusion

Sri lanka has
not heavily legally system for starting a new business. But if this two people wants
to start a new business in Colombo, they must be conducting good capital. Risk will
be high. But following partnership and limited company strength and weakness I recommend
limited company theory is good to open a new business in Colombo.

Question number 1

 

Partnership

According to partnership act 1890
defines partnership as a relation between people carrying on a business. And it
is commen with a view profit.

 

Lets find out what are the strength
and weakness of the partnership

Partnership is easy to manage and
run because partner can share their responsibilities and the can share their
risk and can be get partner abilities to business

Partnership business has two or
more people. Then every business want capital. There are two or more people then
that people put money for business and they can make stable base for the business.
Capital is the one of foundation of business. using this method can make good foundation
for business.

People likes many different ideas
for that how the business should be run. what is the best for our business.

There are number of weakness. One
of is disagreement between partners. Some partners not willing to agree with
other ideas. When that the idea good or not but business can’t be absorbed because
of disagreement between partners. Some times it is the best option for business
but can’t adapt in to the business because disagreement.

Agreement is another weakness of t
business. Because if partners rise hand to bad decision. But some times other
partners have to agree it. It is threat foe business

Unlimited liability is another weakness.
Partners share financial risk and liability. But partners spend their money.  has not better protection, low security.

Profit share equally. Sometimes partners
put off their things than other to business but profit divided to equally. It is
another weakness of partnership

 

Limited liability

Ownership is
in the hand of shareholders and director is appointed. And director arrange meetings
and meetings are often annually.

 

Lets find out
what are the strength and weakness of the limited company

                                                                                                                                  

Shareholders invest
their money in share market and different shareholders invest different investment.
But liability is limited. they accrue what the invent and no more. And they can
get comfortable feeling of security.

Employee can
join share market and can buy share and then employee become a share holder of
the business. It is extra motivation for employee because employee use their
money to parched company shares and they work improve company level.

There are
simple legal actions because government helps to them to invest money in share market
and sometimes they reduce their legal things.

And only taxed
for their income. Members can consider that tax level. It is easy to control
business things

Usually directors
are the main shareholder of the company and company control and handling remain
in their hand. Then decision can be made quickly and easily.

 

When make decision
some time makes argument between directors and shareholders. Some shareholders
don’t know about company past performance. But argue with directors.

 

 

Question number
2

Financial and
management accounting are important things for business. These are two things
and showing different purpose. Accounting determine what are the operational
plans for future and review past performance and check current situation. But financial
and managerial accounting have alien audience. But these two functions are
important to take daily business decisions. And show business direction

 

Financial accounting

It is used to
check present financial situation in an organization for shareholders. Financial
accounting report use director stock holders financial institutions and other
investors. Its present specified time period. Then Audience can get idea about
company performance.

 

Management accounting

 Its used by managers for get day to day operational
business decisions. Management accounting not shows past performance of. But present
current and future trends.

 

different

Management accounting
shows present situation and financial accounting Present past performance for
external stakeholders. And financial accounting great to protentional and current
investors. Management accounting for managers to make future and current decisions.

Financial accounting
tiny and sharp and it cohere to GAAP. Management accounting is often of guess
or estimate. Because managers not enough time to deal with numbers.

Financial accounting
reports on the adjustment of an entire business and financial accounting report
on profitability of the business.

And Management
accounting always report at a profit by product line, geotropic region and costumers
etc.  And its is used to specifically
recognise what is the problem and how fix it. Financial accounting shows proper
valuation of liabilities and assets. Management accounting Not concern value of
these item and only their productivity.

 

Conclusion

Sri lanka has
not heavily legally system for starting a new business. But if this two people wants
to start a new business in Colombo, they must be conducting good capital. Risk will
be high. But following partnership and limited company strength and weakness I recommend
limited company theory is good to open a new business in Colombo.

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