These 16 free math apps include games that will help your child or student master basic math and algebra skills. An organization’s accounting systems are effected by the size of the organization (a small organization like a departmental store would have a simple accounting system whilst an industrial unit would have a much more complex accounting system), type of the organization (a not-for-profit organization would be more concerned with monitoring expenditure against targeted performance whereas a profit-making manufacturing concern would need to account for sales, units, revenue etc.
A financial controller (who is responsible for the routine accounting duties & providing accounting reports for other departments), a Management Accountant (who is responsible for the company’s cost accounting, budgets & budgetary control & financial management of its projects) & a Treasurer (who is responsible for raising funds for the company through borrowing, investing surplus funds in the money markets & arranging for the company’s long term finance).
Emanating from the risks faced in agency theory, researchers on small business financial management contend that in many small enterprises the agency relationship between owners and managers may be absent because the owners are also managers; and that the predominantly nature of SMEs make the usual solutions to agency problems such as monitoring and bonding costly thereby increasing the cost of transactions between various stakeholders (Emery et al.1991).
It is a finance theory which suggests that management prefers to finance first from retained earnings, then with debt, followed by hybrid forms of finance such as convertible loans, and last of all by using externally issued equity; with bankruptcy costs, agency costs, and information asymmetries playing little role in affecting the capital structure policy.
The 1971 Bolton report on small firms outlined issues underlying the concept of ‘finance gap’ (this has two components-knowledge gap-debt is restricted due to lack of awareness of appropriate sources, advantages and disadvantages of finance; and supply gap-unavailability of funds or cost of debt to small enterprises exceeds the cost of debt for larger enterprises.) that: there are a set of difficulties which face a small company.