i – A stakeholder can be an external or internal figure who affects or is affected by any actions, objectives or policies put into place by a business. For example, a creditor or owner. An internal stakeholder would be someone within the business who's affected by decisions made, such as an employee rather than an external stakeholder who would be someone on the outside of the business who is interested in it’s success. A stakeholder will require useful financial information about the business, as well as information about their future position and how things may change, for example any changes to employment or income that may be imminent. ii – In terms of useful information, the cost of collating information using a financial statement should …show more content…
It is a liability as it's not owned by the company, it is owed to another company and as it does not belong to them, could not be used to pay off any debts if required. Another example of a non-current liability would be a loan or overdraft as these are long-term liabilities not paid off within the 12-month period. (363)
1b) i – One specific transaction can be captured in the accounting information as input, process and output such as a supplier invoice. This supplier invoice would be initially recorded onto the company’s books when it reaches them, this would be the input. After this, it will be included in the summary of the general ledger accounts after being processed by double entry accounting, this would be the process. Finally, it will be displayed in financial statements such as the balance sheet and this would be the output. ii – An audit trail contains relevant details within source documents. It provides step-by-step transactional data from a source document to the final financial report. The audit trail can act as evidence to any investors of how accurate information on a financial statement is, by providing proof of proper record keeping by an accountant within a
There are many stakeholders involved in Macmillan and BT. A stakeholder is someone who effected directly or indirectly as a result of the activity of the business. These stakeholders can be internal or external. An internal stakeholder are people who are within the business such as the owners or managers. External stakeholders are people who are outside of the business such as suppliers or the community. Either way, they all have a relation to the business which will effect them.
Firstly Stakeholder is an individual or a group who has an interest in the success of a business I delivering high results and maintaining the viability of the business’s products and services.There are internal and external
A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business. There are two different types of stakeholders; internal and external. Internal stakeholders are groups within the business e.g owner/workers and employees. External stakeholders are local and national communities and governments, these are groups outside of the business.
A stakeholder is a person or a group of individual who are interested in the success of a business in delivering successful results and maintaining the activity of the businesses products and services. There are internal and external stakeholders in every company. An internal stakeholder is someone who is internally connected to the business that have personal interests which they may follow. An external stakeholder can be a person or a group of people such as investors, customers, suppliers, people who are predisposed by the business but are not fully in the business.
Stakeholders are those individuals who may be affected or have an effect in an organizations depending on the decisions that may have been made. One of the most important reason for identifying and understanding shareholders is that it allows the organization to recruit them as part of the effort in anything there are involved in. participatory effort and representation of as many stakeholders as possible ranging from internal to external has possible advantage. Internal stakeholder is a groups within an organization who work directly within the organization, such as employees, owners, and investors. In the other case external stakeholders
Stakeholder theory looks at the relationships between an organization and others in its internal and external environment. It also looks at how these relationships affect how the organization conducts its activities. You can think of a stakeholder as a person or organization that can affect or be affected by your organization. Stakeholders can come from inside or outside of the
I have chosen and researched two businesses, one local and one international. I have found out their aims, objectives, competitors, purpose and whether they are ethical or not. I have used online sources for research which are included in my bibliography as the internet has provided me with the research I required. One of my businesses is a local business, and the other is a national business. However, they are both nearby. Firstly, I chose Sainsbury’s. This is a local business which is found everywhere across the UK, including my local area. Secondly, I chose Museum of London Docklands as my national
Stakeholders have a significant influence on the aims of an organisation. They are the people who are affected by or interested in the business. In some organisations the shareholders are stakeholders, and at times have some of the decision power. In trade organisations, customers are also considered stakeholders; therefore their needs are part of the organisation’s overall objectives.
There are two types of stakeholders- internal and external. Internal stakeholders mean the business/organisation that runs the activities, for example – managers, employers, supervisors etc. On the other hand, external stakeholder means when the business/organisation depends on external factors that can affect the businesses’ decisions: for example- customers, suppliers and the government.
Economic factors – which include interest rates, economic growth, exchange rates, inflation and taxation changes (Nieman, G; 1998). The change the economy can have a major impact on the behaviour of the business. For example: inflation may cause a higher wage demand from employees (Herrigton, Kew & Kew; 2009).
The first stakeholder I am going to evaluate is customers which are external stakeholders. Customers contribute to profit levels and turnover through buying products and services. People are stakeholders in a company for financial reasons, customers do not want to have to spend an excessive amount of money to purchase a product, so if the product is cheaper in one store, such as Tesco, than in another store then customers will buy the cheaper one which then attracts more customers.
A stakeholder is someone who someone who benefits or is burdened by a corporation, or someone who the corporation benefits or is burdened by. (Steiner). Stakeholders are represented by two main groups; primary and secondary
Stakeholders are anyone who has a interest or influences the business in anyway. There are two
Stakeholders can be divided into internal and external claimants. Internal claimants include shareholders and employees including the managers of the firm. External claimants typically comprise customers, suppliers, bankers, competitors, governments, trade unions, alliance partners, communities and the general public. Looking further into external stakeholders one could, also include the environment.
The (word) stakeholder means any person with an interest in business, someone who can contribute to the company grows and success or who benefits from its success. The various stakeholders in business have differing role and their level of involvement in the enterprise varies