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Summary Business Acumen For Accountants Notes (ACC1015s)
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PowerPoint summary of the UCT Business Acumen For Accountants (ACC1015S) module, which was inaugurated in 2023. This document was written based on the content of the 2nd semester of its teaching. It contains summaries of various topics covered - including business classifications, processes, value ...

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  • July 4, 2024
  • 13
  • 2022/2023
  • Summary

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Business Acumen
1st Year, 2nd Semester UCT Notes

, Business Classification
A Business - Activity classified as services, Classification:
merchandising, extractive, or Manufacturing. An entity
Size:
that uses resources, whether natural or human, to create
value, and in so doing, to make a profit”  Micro = 0-10 workers

Role of Business – to meet consumer needs and wants  Small = 11-50
and create value in a sustainable way  Medium = 51-250
 Businesses start either when there is an opportunity or
 Large = >250
there are no other opportunities for employment
 To start you need an idea, legal requirements, and the six Sector:
capitals (*see under frameworks)
 Primary – Production or extraction of natural reso

 Secondary – Manufacturing and construction
Legal form:
• Sole Proprietorship  Tertiary – Goods and services
• Partnership
• Private Company [(Pty) Ltd] – shares not on Commerce:
public exchange  Trade – Sale, transfer, or exchange of goods and
• Public Company [Ltd] – shares on the exchange  Internal – wholesale or retail
 External – import, export, or entreport
The companies have limited liability, their entity is a
legal person, with more registration requirements,  Aid to trade – facilitate exchange of goods and se
and are covered by the Companies Act, 2008  E.g. transport, banking, insurance, warehousing, etc

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