Foundation in Accountancy & Business — PREVIEW Course: FAB — Foundation in Accountancy & Business | Level: Foundation This is a free preview covering the introduction and Section 1 only. Table of contents (full paper) 1. Introduction to business — *included in this preview* 2. Basic accounting concepts and the accounting equation — full version only 3. Double entry and the trial balance (essentials) — full version only 4. Basic financial statements — full version only 5. Introduction to business mathematics — full version only 6. Business communication essentials — full version only 7. Information technology in business — full version only 8. Full worked question — full version only 9. Self-assessment question bank, 10 original questions with model answers — full version only 10. Exam technique and revision checklist — full version only 1. Introduction to business A business combines resources — land, labour, capital, and enterprise — to produce goods or services that satisfy customer needs, typically in pursuit of profit. 1.1 Forms of business ownership (brief) | Form | Key feature | |---|---| | Sole proprietorship | One owner, unlimited liability, simplest to start | | Partnership | Two or more owners sharing profit/loss per their agreement | | Private limited company | Separate legal entity, liability limited to unpaid share capital | | Co-operative society | Owned and controlled by members for mutual benefit | 1.2 Business functions Most businesses perform core functions: production/operations, marketing, finance/accounting, and human resources. Unlock the full paper The complete version includes the accounting equation, double entry essentials, basic financial statements, business mathematics (mark-up/margin, simple and compound interest), business communication, IT in business, a full worked question, and a 10-question original self-assessment kit with model answers. Purchase the full paper to continue. FAB Foundation — Full Notes (Preview) — Page 1 of 1