What are the different types of business structure

Reference no: EM131443573

Assignment questions

Question 1. Explain why accounting information is generally considered to be useful, and why you need to know the basics of accounting.

Question 2. Sonumatics in New South Wales, Australia, is a computer firm run by Max Brenner and his family. Max intends to sell the shares of this firm to investors on the Australian Securities Exchange (ASX). This would mean that the firm would ‘go public' which will result in investors having a say in the management of the firm. Max is worried about losing control of the business, which his family has owned for generations. He did not have to provide a lot of accounting information to outsiders and doesn't like the prospect of interference with a business that he believes he knows better than anyone else.

As a close friend of Max, you have been asked to advise him on the implications of being listed on the ASX for the management of his firm. Refer to the ASX's principles of good corporate governance on their website at https://www.axs,cin,ay/regulation/corporate-governance-council.htm>in providing your answer to Max's question. How do you think these principles might help firms to be run ethically?

Question 3. Consider the following statement of financial position of a manufacturing business:

Turner manufacturing Co.
Statement of financial position as at 30 April 2016

	$	$
*Current assets*
Cash at bank	12,000
Accounts receivable	44,000
Inventory	48,000
		104,000
*Non-current assets*
Fixtures and fittings	14,000
Motor vehicles	13,000
Plant and machinery	46,000
Freehold premises	88,000	161,000
*Total assets*		265,000
*Current liabilities*
Accounts payable	24,000
Bank overdraft	18,000
		42,000
*Non-current liabilities*
Loan		160,000
*Total liabilities*		202,000
*Owners' equity*
Opening balance	42,000
Add profit	32,000
	74,000
Less drawings	11,000
		63,000
*Total liabilities and owners' equity*		265,000

What does this statement tell you about the financial position of the business?

Question 4. However a business is organised, it must meet the needs or demands of various stakeholders.
- What are the different types of business structure?
- What is meant by the term ‘stakeholder'?
- Who are the stakeholders for each type of business?
- What are their needs or demands, and why should they be met?
- Will stakeholder demands affect the choice of business structure?

Reference no: EM131443573

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len1443573

3/29/2017 1:45:26 AM

Please keep in mind that marking is done in soft copy, hence allocating marks for the formatting. To obtain these marks, ensure you comply with the following: • Font: Time New Roman, 12 point, 1.5 line spacing • Document submitted onto Moodle must be in Word format, allowing the marker to use track-changes to provide comments and indicate where you received marks. Please do not submit a pdf document or copy from another source such as for example include screen shots of calculations done in excel. The track-changes function cannot be used to do the marking in these and hence only information created in Word will be marked. • Page: portrait orientation • Footer: Student IDs of all group members, page number and number of pages (i.e. s0123456, s2345678 & s5678910 page 1 of 3) • Cover sheet is completed and attached as the first page of the assignment. Please note: five marksare allocated for complying with formatting and submission requirements.

len1443573

3/29/2017 1:45:15 AM

This assessment item relates to the course learning outcomes 1, 2, 3, and 4. Details The assignment must be completed as a group assignment. Your Lecturer at your campus will allocate you into groups of 2-3 members and allocate your group a group number. There is no specific writing style required such as a report or an essay for answering the questions. It is highly recommended to seek help and guidance from the ALC as early as possible, especially if English is not your first language. The ALC can help you with the written communication by checking your assignment for grammatical correctness and that your arguments are logical. They will also help you to ensure that you understand the questions and answer them by applying theoretical knowledge in answering the questions. You will not receive any marks if you make generic, theoretical, vague and stray claims and statements without applying them to the particular situation.

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