特许公认会计师(ACCA) F3财务会计复习资料.pdf

点击右上角分享按钮 与好友分享 Session1 Session1 SSeessssiioonn11 ☆Types of business entity A business can be organized in one of the several ways: ●Sole trader – a business owned and operated by one person. The simpleformof businessisthe soletrader.This isownedandmanagedbyoneperson, although there might be any number of employees. A sole trader is fully personally liable for any losses that the business might make. ●Partnership – a business owned and operated by two or more people. A partnership is a business owned jointly by a number of partners. The partners are jointly and severely liable for any losses that the business might make. （Traditionally the big accounting firms have been partnerships, although some are converting their status to limited liability companies.） ●Limited Liability Company – a business owned by many people and operated by many （ though not necessarily the same） people. Companies are owned by shareholders. Shareholders are also known as members. As a group, they elect the directors who run the business. Companies are always limited companies. In summary, types of business entity should be differentiated in Ownership; Operation right and Liability for the business to undertake. For all three types of entity, the money put up by the individual, the partners or the shareholders,is referredtoas thebusinesscapital. Inthecaseof acompany,this capital is divided into shares. ☆Business Transactions: Main types of business transactions for a business include: ●Purchase of inventory for resale ●Sales of goods ●Purchase of non-current assets ●Payment of expenses ●Introduction of new capital to the business ●Withdrawal of funds from the business by the owner ☆Cash and credit tr