Managing Resources for Sustainable Development
Added on 2020-01-16
10 Pages3260 Words161 Views
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MANAGING FINANCIALRESOURCES
Table of ContentsINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................31.1 Difference between legal requirements of limited and non limited companies...............3Difference between management and finance accounting.....................................................41.2 Importance of various financial statements for Metro Products Ltd................................51.3 Stakeholders of Metro Products Ltd................................................................................6Potential Stakeholders........................................................................................................6Managing the Interest of Stakeholders...............................................................................7CONCLUSION..........................................................................................................................8REFERENCES...........................................................................................................................9
INTRODUCTIONManaging finance is a crucial task for every big and small organisation as it givesproper and adequate funds for running business. For this purpose, the companies have to gothrough various financial statements of firm so that they can prepare a proper budget andplanning to do the management of finance (Broadbentc and Cullen, 2012). The report hasbeen made on managing finance according to which various legal requirements have beendiscussed related to limited and non limited companies. Besides this, difference betweenfinancial and non financial accounting has been done along with a discussion on expectationsof various stakeholders.TASK 11.1 Difference between legal requirements of limited and non limited companiesLimited company: A limited company is an organisation which is owned by privateindividuals and has the liability to the extent of their invested capital. While on other hand,the non-limited companies are owned privately by its sole individual (Robb, and Woodyard,2011). Minimum and maximum members: As per the legal acts and laws, minimum number ofpersons required for making limited and unlimited companies is different. Therefore, in anypublic limited organisations, required number of minimum persons is 7 while maximum isunlimited. While on other hand, the number of minimum persons necessary to form a privatelimited enterprise is 2 and the maximum limit is 50. Paid up capital: The paid up capital is amount which an organisation receives from itsshareholders in exchange of shares (Green, Brush and Brown, 2015). By paying up therequired capital, a company can enjoy all the rights that are legally given to it. As per this, thepublic companies can add the word limited after the name of their organisation for whichthey have to give the paid up capital of 500000. Similarly, for the private companies, thisamount has been fixed at 100000.Directors: The directors are top level managers who are responsible for all the managementand administration of the organisation (Kardes, and et.al., 2013). They use to lead the wholeentity and monitor all types of operations for proper management. As per the laws, it ismentioned that minimum number of directors in a public limited company is 3 while for
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