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Additional info for Financial and Management Accounting: An Introduction, 4th Edition
Example text
Theories have been developed about the relationship between the owner, as ‘principal’, and the manager, as ‘agent’. A conscientious manager, acting as an agent, will carry out his or her duties in the best interest of the owners, and is required by the law of agency to do so. However, not all agents will be perfect in carrying out this role and some principals will not trust the agent entirely. The principal will incur costs in monitoring (enquiring into) the activities of the agent and may lose some wealth if the interests of the agent and the interests of the principal diverge.
2 Partnership One method by which the business of a sole trader may expand is to enter into partnership with one or more people. This may permit a pooling of skills to allow more efficient working, or may allow one person with ideas to work with another who has the money to provide the resources needed to turn the ideas into a profit. There is thus more potential for being successful. If the business is unsuccessful, then the consequences are similar to those for the sole trader. Persons to whom money is owed by the business may ask a court of law to authorise the sale of the personal property of the partners in order to meet the obligation.
This means using our ethical principles to inform the way we do business, setting ourselves and our business partners clear standards of practice. It also involves engaging stakeholders with our business aims and publicly reporting on our performance within the overall context of our business strategy. The overall strategic direction of the Group’s values is reviewed periodically by the Board in consultation with the Director of Values. The Director of Values reports into the Chief Executive Officer and has overall responsibility for directing the Group’s social and environmental programme.