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Partnership is a type of business organization that an associate with two to twenty persons. The main reason for start this kind of business is earning profit.
According to above strengths and weaknesses I like to suggest Mr. Fernando and Mr. Perera to start up limited company. Because limited company can rise more funds and also it has legal personality. Legal personality which means the company can act as legal person in front of the law. There are have limited liability therefore there is no risk for the owners’ personal property. Due to that they have more protection under limited company than partnership. Therefore, it is more suitable to start a limited company.
Financial accounting is the process of recording and summarizing the company financial resource for use of the both internal and external parties.
Management accounting is the process of preparing reports and accounts to gather information. those information internal parties use for making decisions.
The main purpose of financial accounting is preparing the reports and accounts for use of both internal and external parties. Those reports show company financial position to external parties who has interested about the company.
The main purpose of management account is preparing the reports and accounts for use of internal parties. Those records they use to make decisions for company wellbeing.
Financial accounting reports can prepare quarterly or annually according to the financial accounting standard.
There is no actual time period. When the management wants to get the decisions for business operations they well prepare management accounts.
Both the internal and external parties use these reports, such as, managers, creditors, stakeholders, employees, investors.
Only internal parties use those reports such as, managers and directors.
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