1.

Types of ORGANIZATION
 Business
 Non business

Business :

A business organization is an entity aimed at carrying on commercial enterprise by providing

goods or services, to meet needs of the customers. All business organizations: have the common
features such as formal structure, aim to achieve objectives, use of resources, requirement of
direction, and legal regulations controlling them. 
A business or other organization whose primary goal is making money (a profit), as opposed to a
non profit organization which focuses a goal such as helping the community and is concerned
with money only as much as necessary to keep the organization operating. Most companies
considered to be businesses are for profit organizations; this includes anything from retail stores
to restaurants to insurance companies to real estate companies.

There are 4 main types of business organization:

1.sole proprietorship,
2.partnership,
3.corporation, and
4.Limited Liability Company, or LLC.

Below, we give an explanation of each of these :

Sole Proprietorship

The simplest and most common form of business ownership, sole proprietorship is a business
owned and run by someone for their own benefit. The business’ existence is entirely dependent
on the owner’s decisions, so when the owner dies, so does the business.
Partnership
These come in two types: general and limited. In general partnerships, both owners invest their
money, property, labor, etc. to the business and are both 100% liable for business debts. In other
words, even if you invest a little into a general partnership, you are still potentially responsible
for all its debt. General partnerships do not require a formal agreement—partnerships can be
verbal or even implied between the two business owners.

Limited partnerships require a formal agreement between the partners. They must also file a
certificate of partnership with the state. Limited partnerships allow partners to limit their own
liability for business debts according to their portion of ownership or investment.
Corporation
Corporations are, for tax purposes, separate entities and are considered a legal person. This
means, among other things, that the profits generated by a corporation are taxed as the “personal
income” of the company. Then, any income distributed to the shareholders as dividends or
profits are taxed again as the personal income of the owners.
Limited Liability Company (LLC)
Similar to a limited partnership, an LLC provides owners with limited liability while providing
some of the income advantages of a partnership. Essentially, the advantages of partnerships and
corporations are combined in an LLC, mitigating some of the disadvantages of each.

Non Business :

A nonbuiness organization , also known as a nonprofit organization (NPO) ,not-for-profit

organization, or nonprofit institution, is an organization traditionally dedicated to furthering a
particular social cause or advocating for a shared point of view. In economic terms, it is an
organization using its surplus of the revenues to further achieve its ultimate objective, rather than
distributing its income to the organization's shareholders, leaders, or members. Being public
extensions of a nation's revenue department, nonprofits are tax-exempt  or charitable, meaning
they do not pay income tax on the money that they receive for their organization. They can
operate in religious, scientific, research, or educational settings.
The key aspects of nonprofits are accountability, trustworthiness, honesty, and openness to every
person who has invested time, money, and faith into the organization. Nonprofit organizations
are accountable to the donors, founders, volunteers, program recipients, and the public
community. Public confidence is a factor in the amount of money that a nonprofit organization is
able to raise. The more nonprofits focus on their mission, the more public confidence they will
have, and as a result, more money for the organization.[1] The activities a nonprofit is partaking in
can help build the public's confidence in nonprofits, as well as how ethical the standards and
practices are.
2. Why one Needs to study Accounting ?
Answer: Accounting is a foundational element of business, linked to providing control, stability,
and accountability to a company’s finances. It’s a role that will likely always be in demand. It is
a great course to study for a number of reasons. It provides one with skills and knowledge that
can be applied to a number of industries. In fact, so long as there are businesses in the world,
accountants will always be needed.
In many ways, it is the backbone of business. Its role is to track a company’s finances in their
numerous forms, from credits, debits, and profitability to payroll and tax filing. It is a field
driven by analytics and analytical interpretations, and the information derived from such
functions provides a business with a record of its financial health and stability. There are key
occupations in the accounting field that collectively work to push a business toward long-term
stability. Accountants, for instance, are commonly charged with examining financial records to
ensure accuracy and to spot financial inefficiencies, and they’re also typically tasked with
overseeing corporate tax preparation.  Here are some more reasons why one needs to study
accounting:
1.One’ll have an enjoyable study experience.
2. You can take other degrees alongside accounting.
3. Every industry needs an accountant.
4. One can start your own business or accountancy firm.
5. One can work abroad.
6. Seasons to make big money.
7. One can grow his connection with volunteer work.
8. Who studies in accounting their skills are always in demand.
9. Accounting is one’s Parachute.
10. One’ll get hired immediately.
A qualification in accounting is the best way kick-start one’s career, however, before one decide
to start studying, it’s worth noting the key benefits a career in accounting can give one. Even as
accounting becomes more of a tech-driven process, the role of the accountant will always be in
demand. While this bright job market may make studying accounting a great option, the
versatility of potential job opportunities in the field can make a career in the profession attractive
in many ways beyond projected job growth.