Paper F1

Flashcards by eugenem45, updated more than 1 year ago
Created by eugenem45 almost 8 years ago


Accountant in Business

Resource summary

Question Answer
Define Business Organisation According to Buchanan and Huczynski, 'Organisations are social arrangements for the controlled performance of collective goals'.
Collective goals Organisations are defined by their goals. The main goal of a school is to educate pupils. It will therefore be organised differently to a company that aims to make profits.
Social arrangements Someone working alone cannot be classed as on organisation. Organisations are structured to allow people to work together towards a common goal. Usually, the larger the organisation, the more formal its structures.
Controlled performance An organisation will have systems and procedures in place to ensure that groups goals are achieved. For a company this could involve setting sales targets, or periodically assessing the performance of staff members.
What is a major similarity between most organisations? They are mainly concerned with taking inputs and transforming them into outputs.
What do organisations enable people to do? Share skills and knowledge, specialise, pool resources.
What are the three common forms of commercial organisations? Sole traders, partnerships and limited liability companies
In the UK, what are the two types of limited companies? Privated limited companies (LTD) and public limited companies (PLC).
What is the main objective of not-for-profit organisations (NFPs or NPOs)? They seek to satisfy the particular needs of their member or the sectors of society that they have been set up to benefit.
Give examples of NFPs Government departments and agencies (such as HM Revenue and Customs), schools, hospitals, charities (such as the Red Cross, Oxfam, and Doctors Without Borders), clubs.
Give examples of objectives of some NFPs Hospital exist to treat patients, Councils may see their mission as caring for their communities, Government organisations usually exist to implement government policy, a charity may have 'provision of relief to victims of disasters' as its main objective
What is the public sector It is part of the economy that is concerned with providing basic government services and is controlled by government organisations.
Give examples of public sector organisations Police, military, public transport, primary education, healthcare for the poor
What does private sector consists of It consists or organisations that are run by privated individuals and groups rather than the government.
What are examples of private sector organisations Businesses, charities and clubs. Within these wil be both profit-seeking and not-for-profit organisations.
What is a non-governmental organisation (NGOs) A NGO is one which does not have profit as its primary goal and is not directly linked to the national government. NGOs often promote political, social or environmental change within the countries they operate.
Give examples of NGOs The Red Cross, Doctors Without Borders, Greenpeace, Amnesty International.
What are co-operatives Co-operatives are organisations that are owned and democratically controlled by their members - the people who buy their goods or services. They are organised solely to meet the needs of the member-owners, who usually share any profits.
Give examples of sectors in which organisations operate Agriculture, Mining, Finance, Retailers, Service, Transportation
What are some of the key differences between the various types of organisations Ownership, Objectives, Activities, Sources of funding, Size, Liability
Show full summary Hide full summary


cima. F1
beth auerbach
External Audit
Patsy Baker
Patsy Baker
Comprehensive Income
Eylin Nunez
Mahmood Khan
Anna Rae
Quantitative thresholds for Reportable Segments
Eylin Nunez
Income Statement
Eylin Nunez
Income Statement(IDEA)
Eylin Nunez
Comprehensive Income
Eylin Nunez
Taxation Definitions