Financial Management and Cost Accounting

Question: Discuss about the Financial Management and Cost Accounting. Answer: Introduction: Partnership is an association of individuals, which involves two or more than two persons based on an agreement between them. The partnership agreement is preferred to be in writing. An agreement for partnership always has a specific duration. Any change in the membership of the partners results in the dissolution of partnership deed. Various benefits of partnership are: (1) It is free from the government restrictions and regulations (2) Formation of partnership is easy and simple and (3) Easy in making any decisions. Whereas, the disadvantages are: (1) Unlimited liability (2) Limited life and (3) Mutual agency. Liquidating the partnership means closing the economic as well as the legal life of the entity. Partnership dissolves whenever a new partner is admitted to the firm or whenever a partner departs from the partnership (Points, 2015). MYOB software generates all the reports required for the management and compliance with tax to carried out efficiently. Point of sales and advance management of retail gives a clear view about the performance of the business. It is a smarter way to conduct the business. MYOB software assist in: (1) Easy accounting for multiple branches or locations (2) Manage the payroll, attendance, time for all the partners (3) consolidate the accounting transactions for all the relevant entries (4) customisable and comprehensive process of accounting flows and related checklist. Therefore, installing the MYOB software in the partnership business will assist in better management of business (Curtis, 2015). Reference: Curtis, V. (2015).MYOB Software for Dummies-Australia. John Wiley Sons. Points, K. E. (2015). Management and cost accounting.