what are the classification of business activities
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If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
The ongoing administrative expenses of a business which cannot be attributed to any specific business activity.
Classification of cost is where expenses are divided into categories that include variable costs, fixed costs, material costs. These costs relate to business activities.
The importance of cost classification to a business should not be underestimated. Cost classification is important because it makes it easier to gather the methods used for accumulating cost data. It also maintains effective supervision in a company.
agriculture and miningfinancial businessmanufacturersreal estateretailers and distributorsservice businessestransportationutilities
Small Business Enterprise
Business activity refers to transactions that move the business forward. Sales, customer service and shipping products are all aspects of business activity.
The activity of the business is what generates money for the business and the owner will want to maximize income.
Any activity which results in monetary transaction is a business activity. The only apparent exception is barter activities. Still they are also considered ass business activity, as they result in value addition that can be converted into money. Thus all activity with an intent for value addition. measured in terms of money, can be classified as business activity.
Business activity is needed to provide services and goods to satisfy wants and needs as well as to provide jobs. Business activity helps keep the economy going.
business is an economical activity
In Australia the business classification system is known as the ANZSIC system of classification for industry. (Australian and New Zealand Standard Industrial Classification). They are classified according to sections, then the sections have a number or industries in them. The sections are named from A-Q. E.g Section H - Education. With size, it is classified from minute - small business - medium business - and large business. They are put into these categories into which of how much money they handle per month. In Australia the business classification system is known as the ANZSIC system of classification for industry. (Australian and New Zealand Standard Industrial Classification). They are classified according to sections, then the sections have a number or industries in them. The sections are named from A-Q. E.g Section H - Education. With size, it is classified from minute - small business - medium business - and large business. They are put into these categories into which of how much money they handle per month.
transaction
Government Contracting Activity (GCA)
Government Contracting Activity (GCA)
You will need to fill out a Change of Registration form with the state office you originally filed your LLC with. Input the new business activity on the form and when the new business activity will start. Contact the IRS and update your business activity code via phone or mail.