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Business- also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.[1]Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers for profit.
Accouting - the process or work of keeping financial accounts.
The systematic and comprehensive recording of financial transactions pertaining to a business
The reports generated by various streams of accounting, such as cost accounting and management accounting, are invaluable in helping management make informed decisions. the skill or practice of maintaining and auditing accounts and preparing reports on the assets, liabilities, etc., of a business
A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.
This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make profit by selling the products at prices higher than their purchase costs.
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus there is a transformation of the products purchased.
Manufacturing businesses combine raw materials, labor, and factory expenses in production. The manufactured goods will then be sold to customers.
Internal users (Primary Users) of accounting information include the following:
Management: for analyzing the organization's performance and position and taking appropriate measures to improve the company results.
Employees: for assessing company's profitability and its consequence on their future remuneration and job security.
Owners: for analyzing the viability and profitability of their investment and determining any future course of action.
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Accouting - the process or work of keeping financial accounts.
The systematic and comprehensive recording of financial transactions pertaining to a business
The reports generated by various streams of accounting, such as cost accounting and management accounting, are invaluable in helping management make informed decisions. the skill or practice of maintaining and auditing accounts and preparing reports on the assets, liabilities, etc., of a business
A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.
This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make profit by selling the products at prices higher than their purchase costs.
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus there is a transformation of the products purchased.
Manufacturing businesses combine raw materials, labor, and factory expenses in production. The manufactured goods will then be sold to customers.
Internal users (Primary Users) of accounting information include the following:
Management: for analyzing the organization's performance and position and taking appropriate measures to improve the company results.
Employees: for assessing company's profitability and its consequence on their future remuneration and job security.
Owners: for analyzing the viability and profitability of their investment and determining any future course of action.
- See more at: