May 2018 Q1 a.
Accountancy is the language of business and the only profession that teaches students about business. A business primarily exist to make profit and one of the jobs of an Accountant is to prepare financial statements and to determine the profitability of a business.
Required:
What is a business? (4 marks)
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- A business is a commercial or industrial concern which exists to deal in manufacturing, re-sale or supply of goods and services.
- A business is an organisation which uses economic resources to create goods and services which customers will buy.
- A business is an organisation providing jobs for people.
- A business invests money in resources (e.g. buildings, machinery, employees) in order to make even more money for its owners.