Accounting.com: Career, Degree

1/11/2020
Running head: ACCOUNTING
Accounting for
Business

ACCOUNTING 1
Table of Contents
Introduction................................................................................................................................2
Forms of Organization for Business.......................................................................................2
Partnership..........................................................................................................................2
Sole Proprietorship.............................................................................................................2
Advantages and Disadvantages of Partnership.......................................................................3
Advantages..........................................................................................................................3
Disadvantages.....................................................................................................................3
Advantages and Disadvantages of Sole Proprietorship..........................................................3
Advantages..........................................................................................................................3
Disadvantages.....................................................................................................................4
Effect of the choice of the organization on the availability of finance..................................4
Raising Required Finance.......................................................................................................4
Security required....................................................................................................................5
Accounting Information Required by Rob in taking decisions of purchasing business.........5
The need for Non-Financial Information...............................................................................5
Skills and/or Accounting Knowledge require to manage the business..................................6
Conclusion..................................................................................................................................6
References..................................................................................................................................8

ACCOUNTING 2
Introduction
This assignment aims to strengthen and extend the understanding and knowledge of the main
accounting topics by supporting Rob in starting a business in Melbourne. In this assignment,
the key decisions for starting a business on behalf of Rob will be taken in order to support
him in successfully commencing the business. The decisions that will be taken in the
following sections are related to the form of organization that Rob needs to adopt, their
advantages and disadvantages. Besides this, this report is also highlighting the effect of the
choice of the organization on the availability of finance for Job business, how he can raise the
funds, what accounting and non-financial information required to start the business, etc.
Forms of Organization for Business
The forms of organization for a business that Rob can select are Partnership and Sole
Proprietorship.
Partnership
A partnership is said to be a business organization form under which owners hold the
unlimited liability for the business actions. The business owners invest their time as well as
funds and have a proportional share in the profits and loss. In this type of business, there can
be limited partners too, who work on contributing only funds but do not take any part in the
daily operations (Glasby and Dickinson, 2014).
Sole Proprietorship
A sole proprietorship is an independent business that is managed and handled by a single
owner in which income tax is paid on the earned profit in the business. It is considered to be
one of the easiest kinds of businesses that can be established because of limited regulations
by the government (Boyd, Epstein and Holtzman, 2014).