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Managing Financial Resources "Stratford Yachts Ltd"

   

Added on  2020-06-04

10 Pages2487 Words36 Views
FinancePolitical Science
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Managing Financial Resources
Managing Financial Resources "Stratford Yachts Ltd"_1

TABLE OF CONTENTSINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................31. Assessing difference between financial and management accounts..................................32. Defining purpose of Stratford Yachts Ltd and non-profit making units behind thepreparation of financial statements........................................................................................53. Presenting Stratford Yachts Ltd’s stakeholders and evaluating their information need....6TASK 2......................................................................................................................................71. Analyzing financial performance of Stratford Yachts Ltd for the year ended on 2015 and2016 through ratio analysis....................................................................................................7CONCLUSION..........................................................................................................................9REFERENCES.........................................................................................................................10
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INTRODUCTION In the recent times, for gaining and sustaining competitive edge over others businessunit has to perform several activities such as promotional, R&D etc. For this purposecompany requires enough fund so it is the accountability of the manager to developprominent financial strategies. To manage financial resources more effectually business unitneeds to prioritize activities as per their importance in the context of growth or success. Thepresent report is based on case scenario of Stratford Yachts Ltd which is working or tradedfrom last 30 years. Business unit is highly concerned pertaining to its financial performancethat has changed in the recent times. Moreover, business unit still relies on traditional productlines which seem unsuitable in the strategic environment. In this, report will provide deeperinsight about the manner in which financial accounts differs from management. It also entailsthe purposes of Stratford Yachts Ltd behind the preparation of final accounts and highlightsits financial performance. TASK 11. Assessing difference between financial and management accounts Now, both financial and management accounting becomes the main part of businessunit. Hence, for attaining success and gaining competitive edge over others company preparesreports by taking into account both the accounting systems. Thus, it is vital for the managerof Stratford Yachts Ltd to understand differences that take place between financial andmanagement accounting which as follows:Differential aspectsFinancial accountingManagement accountingMeaningFA places emphasis onrecording monetary recordsassociated with business unit.Hence, financial statementsand reports which areprepared on the basis of suchaccounting system assistsmanager as well as otherstakeholders in makingappropriate decision.Management accountingsystem lays focus onmaintaining recordspertaining to internaloperations. This in turn helpsmanager in setting goals andpolicies for the upcomingtime period. Aim or objectiveMotive behind financialaccounting practices is todisclosemonetaryinformation at the end ofThe main objective ofmanagement accounting isproviding managers withsuitable information that can
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