Sole traders Guías de estudio, Notas de estudios & Resúmenes

ACCOUNTING Planning; Recording; Analyzing; Interpreting financial information. PLANNING DECISIONS Financial information is used to determine future actions. Historical information provided by the accounting process serves as a basis for forecasting. CONTROL Using financial information to evaluate the results of financial activities. THE FUNCTION OF ACCOUNTING 1. The value added to the networth of a person/entity during a particular period. 2. The accumulated networth of that person/entit...

Sole Trader correct answer: this is the simplest form of business entity where a business is owned and operated by one individual. With this form of entity there is no distinction in law between and owner and the business. Partnership correct answer: this is similar to a sole trader in that the owners of the partnership share all the profits and have unlimited liability for the losses and debts of the business. The key distinction is that there are at least two owners. Limited Liability ...

The major purpuse of IASB is to ensure consistency in correct answers corporatel reporting The leadership style that least acknowledges contribution that subordinates have to make is correct answers autocratic a sole traders net profit for period we can calculate as correct answers closing net assets+drawings-capital introduced- opening net assets Imprest (zaliczkowy) system of operating petty cash correct answers The exact amount of expanditure is reimbursed at intervals to maintain a ...

Types of Businesses - ANSWER-sole traders partnerships private limited companies public listed companies social enterprises government business enterprises Examples of business objectives - ANSWER--Make a profit -increase market share -fulfill a market or social need -meet shareholder expectations Shareholder vs stakeholder - ANSWER-Shareholder is someone who owns part of a business Stakeholder is someone with vested interest in a business (supplier, consumer) objectives - ANSW...

Business Organisations - Sole Traders - Partnerships - Private Limited Companies - Public Companies - Community Interest Company Legal Personality - Veil of Protection - Piercing Veil of Protection Incorporation - Promoter - Pre-Incorporation Contract - Reqs - Articles of Association - Entrenchment - Secretaries Directors - Powers - Duties - Breach - Appointment - Removal - Loans - Declaration of Interest - Substantial Property Transaction - Remuneration - Disqual...

Goods and services - Ansthe objects (goods) and the actions (services) that people value and produce to satisfy human wants why do businesses set up - Ans-to sell goods and provide services they know customers will like -gap in the market -want to be their own boss -to benefit others Sectors of the economy - Ansprimary, secondary, tertiary What is enterprise? - Ansinvolves identifying new business opportunities. an entrepreneur will always take the risk of getting involved in enterpr...

AQA A level business 3.1 Questions and Answers 100% Pass What are the aims of business? x5 Survival Cash flow (liqudity) profit (where the total revenue>total costs) Growth Social and ethical objectives Define what a mission statement is? A qualitative statement of an organisation's overall mission or purpose Reasons for mission statement x2 To provide a clear goal , purpose and sense fo direction To communicate to stalkholders What are the goals available for a business to achieve? x4 Mi...

IB Business and Management Vocabulary 2023 Update Primary Sector - Answer-Businesses involved in the extraction of natural resources, such as farming, mining, fishing, etc. Secondary Sector - Answer-Business activity is concerned with the construction and manufacturing of physical products. Tertiary Sector - Answer-Business activity is concerned with the provision of services to customers Private Sector - Answer-Part of the economy under the control of private individuals and busin...

VAT- value added tax - Anstax on the value of sales of a business if they make more than a certain amount of profit Income tax - Anstax on the income earned by workers and sole-traders corporation tax - AnsA tax on limited company's profits. national insurance contributors - Ansa tax on the owning of workers based around benefits role of business enterprise - Ans-sell goods/services -meet customer needs -add value good - Ansphysical items that the customer can use, eat or hold e.g. pho...

Natural Law - School of Jurisprudential Thought: Postulates that law is based on what is "correct". It emphasizes a moral theory of law-- that is, law should be based on morality and ethics. Historical - School of Jurisprudential Thought: Believes that law is an aggregate of social traditions and customs. Analytical - School of Jurisprudential Thought: Maintains that law is shaped by logic. Sociological - School of Jurisprudential Thought: Asserts that the law is a means o...