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What does nature of business mean in accounting?

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business are classified into two natures individual business & collective business
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What does the nature of business mean?

When filling out a form, "nature of business" refers to the type or general category of business or commerce you are describing. For example, if you work at Microsoft, then th

What is nature of business?

According to "Business is an enterprise engaged in the production & distribution of goods for sale in a market or the rendering of services for a price. L.R. Dicksee, "Busin

What is the meaning of credit and debit in business accounting?

Credit is giving money and debit is taking. A shop will debit its  customers in exchange for goods and the customers will credit the  shop for the goods.    In Accoun

Accounting for business chart of accounts?

A Chart of Accounts is more than a list of General Ledger Accounts. A functing Chart of Accounts is: (1) the center of the financial record keeping process (2) a 'posting

What is the meaning of nature of business?

The nature of business is what kind of business are you doing in your job. For example you work in McDonalds so the nature of business is the food service.

What do you mean The business of business is business?

I belive it's originally a quote of management specialist Peter Drucker. It means that you can not and should not expect individual businesses to include e.g. social or enviro