RBT_Natalia (new )

docx

School

University of West London *

*We aren’t endorsed by this school

Course

BUSN11132

Subject

Management

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by CommodoreKudu2300

OXFORD BUSINESS COLLEGE NOTTINGHAM RECORDING BUSINESS AND TRANSACTION ASSESSMENT 2 Student name:Natalia Prodan Student id:21555978 Teacher name:Golly Minkah 1

Table of Contents 1. Introduction ............................................................................................................................ 3 2. Part A ...................................................................................................................................... 3 3. Part B ...................................................................................................................................... 5 4. Conclusion .............................................................................................................................. 6 Reference List ............................................................................................................................ 8 2

1. Introduction Accounting and business management play a very significant part in the process of ensuring a steady flow of work in the workplace. This is an extremely crucial duty. The work includes explanations of the various concepts that are associated with the various kinds of businesses, such as sole proprietorship and partnership. There is a case scenario that has been presented, and within it is a description of a person named Errol Anderson who is interested in beginning a new business that specialises in the upkeep and repair of automobiles. According to the case situation, the individual is now uncertain about the kind of business that he ought to launch, and as a result, both the pros and the drawbacks of the two distinct kinds of businesses have been examined in the job. In addition to these particulars, a journal account and a trial balance account have been crafted, and after that, the advantages and disadvantages of the trial balance account have been identified. 2. Part A Sole Traders Business When one individual is responsible for all aspects of a company's operations, that person is known as a lone trader. This is a kind of firm ownership in which all of the duties and responsibilities typically shared between partners are taken on by a single individual. The following is a brief summary of the many benefits of operating as a sole proprietorship. One of the main selling points of a single proprietorship is its low startup costs compared to corporations. Similar to how filing taxes for a single proprietorship is quite easy, opening a bank account for a sole proprietorship is likewise straightforward. The owner can utilise his or her own checking account for business purposes, which can be convenient for a number of reasons (Rosa and Scott, 2019). A sole proprietorship's organisational structure is straightforward. There is just one person responsible for running the company and making all the necessary choices. Disadvantages Among the many drawbacks of this corporate model is the potential for endless financial responsibility. The business' assets and the owner's individual assets are both at risk because of this liability. When there is just one individual responsible for all of the financial investments that go into beginning a firm, it can be difficult to get the necessary startup cash. It can also be difficult for a single owner to keep a close eye on the company's finances and bookkeeping. 3

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Partnership Business A partnership business is one in which two or more people work together to create and run a firm (Reuschke et al. 2019). Advantages Business partners from different backgrounds contribute different expertise and knowledge to the company, allowing it to grow effectively. As compared with sole proprietorships, this type of business has fewer obligations. There are different partners associated with the business who share the profits generated by the firm. As a result, the system becomes more advanced and the level of service provided to the customers is higher. Disadvantages If the work that the partnership does is less transparent, it may have difficulty raising capital for its operations. Partnership companies require very complex decision-making due to the multiple partners involved, so this can take a long time (Haltiwanger, 2022). Business partners may miscommunicate between themselves, which can impede its smooth process in the marketplace. Steps of Starting a business Starting a business in an online marketplace involves following the following five steps. Determination of a goal An individual who wants to start a business needs to determine a goal, which is the first step to getting started. Taking help from the experts Ritter and Pedersen, 2020, describe this second stage of the process as one in which expert help is vital (Ritter and Pedersen, 2020). When someone consults with a business expert, they can gain a better understanding of how to start a business effectively. Secure financing Thirdly, the owner needs sufficient capital to start the business (Tornikoski and Maalaoui, 2019). 4

Maintaining a positive attitude In order to implement all the strategies and plants effectively, it's important to maintain a positive attitude at all times. By knowing what is happening in the market today, the owner has a better understanding of what is on the horizon. Implementation strategies To achieve the goals that have been defined, the plans developed throughout the business development process must be implemented appropriately. 3. Part B Journals Entries Table 1: Journal Account Trial Balance 5

Table 2: Trial Balance Benefits and Limitations of Trial Balance Benefits In order to produce a balance sheet, profit and loss accounts, and trading accounts, trial balances are required (McCradden et al., 2020). Accounting errors can be identified using this method. In addition, it provides a complete summary of each of the accounts in a ledger account and summarizes the reports for each of them. Limitations The presence of omission errors can also be observed when the credit and debit columns in such accounts are equal, which is a sign of an error in the trial balance. (Huang and Vasarhelyi, 2019): Calculating the total trial balance will not reveal an error that occurred at the start of the calculation. Occasionally, the table contains an access amount of debit, in which case an access amount of credit is inserted to compensate. 4. Conclusion 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

According to the analysis performed in the concerned work, both sole proprietorships and partnerships have their own advantage and disadvantages that need to be considered. The preferences of a person are purely a function of the type of business they are interested in starting, and not of their personal preferences. The given information suggests that Errol Anderson may want to consider starting a sole proprietorship business. This is a very simple form of business structure to run, as it allows him to do various operations without having to seek the assistance of anyone else. 7

Reference List Haltiwanger, J.C., 2022. Entrepreneurship during the COVID-19 pandemic: Evidence from the business formation statistics. Entrepreneurship and Innovation Policy and the Economy , 1 (1), pp.9-42. Huang, F. and Vasarhelyi, M.A., 2019. Applying robotic process automation (RPA) in auditing: A framework. International Journal of Accounting Information Systems , 35 , p.100433. McCradden, M.D., Joshi, S., Mazwi, M. and Anderson, J.A., 2020. Ethical limitations of algorithmic fairness solutions in health care machine learning. The Lancet Digital Health , 2 (5), pp.e221-e223. Reuschke, D., Mason, C. and Syrett, S., 2021. Digital futures of small businesses and entrepreneurial opportunity. Futures , 128 , p.102714. Ritter, T. and Pedersen, C.L., 2020. Analyzing the impact of the coronavirus crisis on business models. Industrial Marketing Management , 88 , pp.214-224. Rosa, P.J. and Scott, M.G., 2019. Portfolio entrepreneurs: some empirical evidence on the multiple ownership or control of SMEs, and its implication for our understanding of start-up and growth. In Entrepreneurship and SME Research: On Its Way to the Next Millennium (pp. 113-126). Routledge. Tornikoski, E. and Maalaoui, A., 2019. Critical reflections–The Theory of Planned Behaviour: An interview with Icek Ajzen with implications for entrepreneurship research. International Small Business Journal , 37 (5), pp.536-550. 8

Related Documents

3.png

Task 2.doc

Amazon.docx

2249014350 - ., . 4HR503_-_Understanding_People_in_Organisations_-_Question_1.docx

SITXCCS008 Assignemnt 02.docx

JKR13.docx

Case Study 1.docx

report.pdf

Good job on your overview of Black Rifle Coffee Company.docx

Order #456132 (1).doc

How to Manage a Diverse Work Team.docx

Arzum Case Study Analysis.edited (1).edited.docx

Recommended textbooks for you

Understanding Business

Management

ISBN:9781259929434

Author:William Nickels

Publisher:McGraw-Hill Education

Management (14th Edition)

Management

ISBN:9780134527604

Author:Stephen P. Robbins, Mary A. Coulter

Publisher:PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract...

Management

ISBN:9781305947412

Author:Cliff Ragsdale

Publisher:Cengage Learning

Management Information Systems: Managing The Digi...

Management

ISBN:9780135191798

Author:Kenneth C. Laudon, Jane P. Laudon

Publisher:PEARSON

Business Essentials (12th Edition) (What's New in...

Management

ISBN:9780134728391

Author:Ronald J. Ebert, Ricky W. Griffin

Publisher:PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:9780134237473

Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:PEARSON

SEE MORE TEXTBOOKS

Recommended textbooks for you

Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON