premidterm examination

business logic exam

premidterm examination

46問 • 1年前business logic exam

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CURRENT TRENDS AND ISSUES IN THE ACCOUNTANCY PROFESSION

1. Technological Advancement 2. Shift to Advisory 3. Globalization 4. Emphasis on ESG Factors 5. Remote Work and Flexible work arrangement 6. Upskilling and Continuous Learning

WHAT IS BUSINESS?

Is an organization or enterprising entity. Engaged in commercial industrial Or Professional activities Designed to provide goods or services To customers

a business is a system of coordinated activities and resources aimed at meeting the needs of its stakeholders, including owners, employees, customers, and the community.

organizational perspective

a business is an entity that operates within a society and interacts with various social structures. It has a responsibility to its community and the environment, striving to operate in a sustainable and ethical manner.

socially

a business is the activity of making, buying, or selling goods or providing services in exchange for money.

oxford dictionary

a business is an economic system where goods and services are exchanged for one another for money.

economic terms

a business is an entity formed for the purpose of carrying on commercial enterprise.

legally

a business is an activity or entity aimed at providing goods or services to customers in exchange for monetary or other tangible benefits.

functionally

a business can be seen as a structured activity that involves risk-taking, innovation, and management skills to create value for customers and achieve organizational goals.

behaviorally

“Business enterprises… are organs of society. They do not exist for their own sake, but to fulfill a specific social purpose and to satisfy a specific need of a society, a community, or individuals.

Peter Drucker

REAL PURPOSE OF BUSINESS

1. Creating Value 2. Fostering Innovation 3. Providing employment 4. Contributing to economic development 5. Enhancing quality of life 6. Supporting social causes 7. Sustainability 8. Innovation and problem-solving 9. Generating wealth and resources

WHAT IS THE REAL PURPOSE OF BUSINESS?

to create customers.

IMPORTANT CONCEPTS IN BUSINESS?

wants and needs

are things that we like or that can make us feel better, but we do not need them to survive.

wants

Are things we must have to survive

needs

• Refers to the constant change and evolution that businesses undergo in response to internal and external factors. • This adaptability is crucial for the survival and growth of any business.

Dynamic nature of business

FACTORS CONTRIBUTING TO BUSINESS DYNAMICS

1. Market Changes 2. Technological advancements 3. Economic conditions 4. Regulatory environment 5. Social and cultural trends 6. Environmental factors 7. Innovation and entrepreneurship 8. Customer feedback

TYPES OF BUSINESS

• Owned and operated by one individual • Simple to set up and offers complete control to the owner.

Sole Proprietorship

• A business relationship between two or more people who join forces to conduct business. • Each partner contributes resources and money to the business and shares in the profits and losses of the business.

Partnership

• A legal entity separate from its owners, offering limited liability to its shareholders. • Owners are commonly referred to as shareholders who exchange consideration for the corporation’s common stock.

Corporations

• Is a business structure that combines the benefits of a corporation and a partnership or sole proprietorship. • Owners (referred to as members) are not personally liable for the company’s debts and liabilities. • Typically, do not pay taxes on their profits directly, instead, profits and losses are passed through the members, who will report them on as their individual tax returns.

Limited Liability Companies

• A business where the owners (franchisors) license their operations, including their product, branding, and knowledge, in return for a franchise fee. • Franchisees operate their business under the franchisor’s name and model

Franchises

OVERVIEW OF BUSINESS FUNCTIONS

1. Marketing 2. Sales 3. Finance 4. Operations 5. Human Resources (HR) 6. Information Technology (IT) 7. Research and Development (R&D) 8. Administration

to promote and sell products or services, attract and retain customers, and build brand.

Marketing

market research, advertising, sales promotion, public relations, social media marketing, content marketing, customer relationship management (CMR).

Marketing

Drive sales and revenue, enhances brand viability, helps understand customer needs, and create demand for product/services.

Marketing

is responsible for generating revenue for the business by selling products or services to customers.

Sales

includes prospecting for new clients, building relationship with existing customers, negotiating deals, closing sales, and providing customer support.

effective sales strategies and operations are crucial for business growth and maintaining a competitive edge.

Sales

to manage the financial resources of the organization.

Finance

budgeting, accounting, financial reporting, cash flow management, investment analysis, risk management.

Finance

ensures financial stability and sustainability, supports, strategic decision-making, monitors financial performance, and manages risks.

Finance

to oversee the production of goods and services, ensure efficient business operations.

Operations

production planning, quality control, supply chain management, logistics, process optimization, inventory management.

Operations

maximizes efficiency and productivity, minimizes costs, ensures quality of products/services, and support timely delivery.

Operations

to manage the recruitment, development, and welfare of employees.

Human Resources

hiring, onboarding, training and development, performance evaluation, employee relations, compensation and benefits, compliance with labor laws.

Human resources

builds a skilled and motivated workforce, enhances employee satisfaction and retention, ensures legal compliance and supports organizational culture.

Human Resources

to support and manage the technology infrastructure of the organization.

Information technology

network management, software development, cybersecurity, data management, technical support, system maintenance.

Information technology

network management, software development, cybersecurity, data management, technical support, system maintenance.

Human Resources

to innovate and develop new products or services.

Research and development

scientific research, product design, testing and prototyping, market analysis, patenting.

Research and development (RD)

drives innovation and competitiveness, helps meet changing market demands, and supports long- term business growth.

Finance

to oversee the day-to-day operations of the business, ensuring that everything runs smoothly.

Administration

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Charles Jaojao · 26問 · 1年前

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