FINANCIAL ACCOUNTING REPORT By (student name) Class Name Name of Professor School Name City and State Date Financial Accounting Report Investing in business requires extensive analysis to figure out the most suitable venture to pursue. In this report our consultancy firm will analyze the types of business units to invest in the sources and types of finance available and the financial and management accounting that are key to the success of the business. The report will also discuss ethics in business. Forms of Business Units There are different forms of business units based on their organization structure and ownership. They include partnerships sole proprietorships and Limited Liability Company (LLC). The different business units serve their advantages and have shortcomings too. Sole proprietorship is a form of business that is owned by a single person. This is the most common type of business owing to its simplicity and ease of the type of business to be started and its size. Long-term sources will be recommended to purchase fixed assets while medium-term sources to be used to settle liabilities. The consultancy will recommend the auditing of financial accounts to produce reports annually. It is also recommended to adhere to the set business ethics when starting and running a business. Works Cited Bhattacharya S. and Londhe B. (2014). Micro Entrepreneurship: Sources of Finance & Related Constraints. Procedia Economics and Finance 11 pp.775-783. Chowdhury A. (2013). Proprietorship Firms: Advantages and Survival. SSRN Electronic Journal. Dogarawa A. (2010). The Role of Cooperative Societies in Economic Development. SSRN Electronic Journal. Tricker B. (2011). Re-inventing the Limited Liability Company. Corporate Governance: An International Review 19(4) pp.384-393. Weißenberger B. and Angelkort H. (2011). Integration of financial and management accounting systems: The mediating influence of a consistent financial language on controllership effectiveness. Management Accounting Research 22(3) pp.160-180. [...]
Task 1: Discuss and explain the different forms of business units (sole proprietorship, partnership, limited company) available, highlighting the benefits and limitations of each. Task 2: Assuming that you have not been given any information about the funds the couple have available. You are required to carry out a research on the sources and types of finance available to a business owner, paying particular attention to Medium-term sources and Long-term sources; also give two examples of each. Task 3: Discuss and explain financial accounting and management accounting terms, in particular highlight the differences between the two strands of accounting .