Komalpreet kaur FOA assignment

School: La Trobe University - Course: BUSINESS LLBBC - Subject: Accounting

Name-Komalpreet Kaur Student ID-21483830 Subject-Fundamentals of Accounting Course-Bachelor of Accounting Word Count-451 words Difference between Service and Manufacturing business :A manufacturing firm, like a retailing company, employs labour and other inputs to turn raw materials into completed products, which are then sold. A service firm, on the other hand, does not manufacture or sell items, but rather provides services.Manufacturers create physical objects, such as vehicles and appliances, which can be touched or handled. Intangible items such as banking, entertainment, and education are provided by service

firms.Whereas manufacturing operations produce things and store them in a warehouse before delivering them to clients, service-providing activities allow for simultaneous creation and consumption of services. (https://www.google.com.au/url?sa=t &rct=j&q=&esrc=s&source=web&cd=& cad=rja&uact=8&ved=2ahUKEwiL6I_1h _n9AhUJ8jgGHX- XBKUQFnoECBIQAw&url=http%3A%2F %2Fwww.csun.edu%2F~hfact004%2FM anagerial.html&usg=AOvVaw1OM3S2u gb1aEyxMV0BqX1w). Nature of Ethics and importance of Business :From a variety of views, ethical behaviour and social responsibility are critical for firms.

Good ethical standards are not only a method to wow new and existing clients; they may also have a significant influence on how employees feel about the company and the capacity to recruit top talent. From several perspectives, ethical behaviour and social responsibility are crucial for businesses. High ethical standards are not simply a way to wow new and existing clients; they may also have a substantial impact on how workers see the firm and its ability to attract top talent. Accounting professionals must follow the rules and regulations that govern their domains and bodies of work in order to be ethical. Avoiding behaviours that might harm the profession's reputation is a realistic promise that business partners and

others should anticipate.Employees, consumers, society, the environment, shareholders, and stakeholders are all concerned with business ethics. As a result, every firm should adopt ethical models and policies to guide workers' activities and guarantee that the interests and welfare of individuals the company serves are prioritised.