Chapter 2 Flashcards
Financial Statements of Limited Companies
1
Q
Key differences between sole traders and limited companies? (7)
A
1 ownership/management
2 accounting standards
3 equity
4 taxation
5 financial statements
6 legislation
7 dividends
2
Q
What are examples of internal stakeholders? (3)
A
1 Shareholders
2 managers
3 staff
3
Q
What are examples of external stakeholders? (8)
A
1 potential investors
2 lenders
3 customers
4 suppliers
5 local communities
6 general public
7 government
8 trade unions
4
Q
What are the different models of business ownership? (4)
A
1 Sole Trader
2 Partnerships
3 Limited liability partnerships (LLP)
4 Companies
5
Q
What are the different types of limited companies? (2)
A
1 Private limited company (LTD)
2 Public limited company (PLC)
