As Level Accounting Unit 2 Revision

Satisfactory Essays
www.studyguide.pk for more notes visit www.studyguide.pk

Bought to you by www.studyguide.pk AS- Level Accounting Unit 2 Revision Notes
Benstead Revision Notes: Types of Business Organisation: Sole Traders: Advantages:      Faster decision making Independence Quicker and cheaper to establish All profits belong to the sole trader Competitors know less about the business’s success as the accounts don’t have to be published

Disadvantages:    Unlimited liability-can lose both business’s assets and their own personal possessions. Capital is limited to the wealth of one individual. May limit business growth. Have to work long hours and have poor holidays and rewards
Page 1

Bought to you by www.studyguide.pk

www.studyguide.pk
  for more notes visit www.studyguide.pk May feel isolated Ownership cannot be changed Partnerships: Advantages:     More access to finance as there are more people to contribute More skills and expertise Management and responsibilities shared Workload and ideas can also be shared between partners

Disadvantages:      Unlimited liability Profits or debts shared More difficult decision making as all partners have to agree Partnerships can be short lived due to death, retirement or withdrawal More complicated, expensive and time consuming to set up than sole traders

Limited Liability companies-both PLC and LTD: Advantages:     Limited liability-owners can only lose what they invest Can raise large amounts of finance through the selling of shares Separate legal entity to owners meaning that ownership can changes Ideas and be shared

Disadvantages:    Complicated to establish-lots of legal requirements Annual accounts have to be sent to the registrar of companies People who originally establish the company can lose control as whoever owns 50+%of shares with voting rights controls the company

Accounting Concepts (BOGCRAMP):   Business Entity-only information relevant to that business must be recorded.

You May Also Find These Documents Helpful

  • Satisfactory Essays

    UNIT 2 SOCIOLOGY REVISION

    • 772 Words
    • 3 Pages

    UNIT 2 SOCIOLOGY REVISION EDUCATION SYSTEM FUNCTIONALISTS They look at all the positive sides of education and benefits. They believe that every institution in society performs one function or the other in order to help society run smoothly. Durkheim (1925) – he saw education as a transmission of society’s norms and values. It helps to unite and creates a sense of belonging, which he sees as social solidarity. We are taught subjects like history in order to learn more about our society. He saw…

    • 772 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Biology as Unit 2 Revision

    • 3338 Words
    • 14 Pages

    given hazard * Probability that a hazardous event will occur * Consequences of that hazardous event Factors * Smoking * Diet * Obesity * Sunlight * Physical activity * High blood pressure * High cholesterol 2. Enzymes and the digestive system * Enzymes and digestion Oesophagus - transfers food from the mouth to the stomach Stomach – Stores and digests food Small intestine – further digestion by enzymes Large intestine – absorbs water Rectum – faeces…

    • 3338 Words
    • 14 Pages
    Powerful Essays
  • Powerful Essays

    80791-level-2-unit

    • 1372 Words
    • 16 Pages

    Unit Title: Principles of communication in adult social care settings Unit sector reference: PWCS 21 Level: 2 Credit value: 2 Guided learning hours: 17 Unit expiry date: 31/07/2015 Unit accreditation number: L/602/2905 Unit purpose and aim The unit introduces the importance of communication in adult social care settings, and ways to overcome barriers to meet individual needs and preferences in communication. This unit is aimed at those who are interested…

    • 1372 Words
    • 16 Pages
    Powerful Essays
  • Satisfactory Essays

    NCFE LEVEL 2 UNIT 2

    • 737 Words
    • 3 Pages

    UNIT 2 1.1 My duties and responsibilities as a support worker are maintaining a high standard of care be it in personal hygiene, assistance with laundry and so on. Maintaining confidentiality and keeping records. Reporting immediately any incidents that may occur. Participating in courses that might help me improve my care. Being supportive and empathic towards everyone. 1.2 Maintaining trust and confidence in the patients by respecting the confidentiality norms. This is in protecting the rights…

    • 737 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    ..................................... (1) (b) Suggest why electrons which occupy the 2p sub-levels have a higher energy than electrons in the 2s sub-level. ..................................................................................................................................... (1) (c) Complete the following energy level diagram to show the electronic structure of carbon. (2) (d) Explain the meaning of the term first ionisation energy. .............................…

    • 1247 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Level 2 Unit 6.1.3

    • 349 Words
    • 2 Pages

    Unit 6.1.3 Year 11 There are lots of different ways of gaining further qualifications, skills or work experience - and the range of options is growing. You could: •continue in full-time education, either at school or college •continue your learning through work-based training If you’re aged 16 or 17 and coming towards the end of a school or college course, the ‘September Guarantee’ means that you’ll definitely be able to continue learning. Everyone in this age group due…

    • 349 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Level 2 Dementia Units

    • 3316 Words
    • 10 Pages

    Candidate Name: J/601/2874 Level 2 Dementia Awareness 1. Understanding what dementia is 1.1 Dementia are the signs and symptoms caused as a result of specific diseases such as Alzheimer’s or a stroke that involve the damaging of brain cells; as the brain cells die the person with a dementia will lose their ability to carry out their every day tasks such as personal care and interaction with other people as different parts of the brain are damaged. Dementia affects both older and younger people and…

    • 3316 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    level 5 unit 2

    • 2558 Words
    • 7 Pages

    Gail Robson 1. Understand the principles of professional development 1.1 Explain the importance of continually improving knowledge and practice. it is very important for me to continually improve my knowledge to ensure that I am fully up to date, and follow all of the current legislation and Ofsted standards, as well as the guidelines for good practice, as well as ensuring that I follow my company’s own policies and procedures, by keeping abreast of changes to the EYFS, safeguarding and the SEND…

    • 2558 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    Unit 1 Level 2

    • 926 Words
    • 4 Pages

    you need to adjust your communication methods. Also it is important so that you can recognise any communication barriers such as language difficulties, hearing difficulties, visual impairments any physical difficulties affecting your communication. 2. Be able to meet the communication and language needs, wishes and preferences of individuals. 2.1 Find out an individual’s communication and language needs, wishes and preferences: You need to make sure that you are able to communicate with the people…

    • 926 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Unit 4 - Level 2

    • 840 Words
    • 4 Pages

    D1 There are many settings where children can play. I am going to identify three of these settings. 1) A crèche. 2) An after school club. 3) An infant school. D2 For these play settings, they are set for particular ages and for children who may need them. Also each setting has a stage of play; I am going to explain the stage of play, age and why children go to them for. Crèche It is mainly for children aged six weeks to three years. It is a setting which will teach children different…

    • 840 Words
    • 4 Pages
    Good Essays