Q.Distinguish between business and profession.

A profession is an occupation that requires specialised knowledge, education and training, in which a person renders personal expert services to clients for a fee and follows the code of conduct of a professional body.

A profession is that type of economic activity in which a person uses specialised knowledge and skill, gained through prescribed education and training, to render personal services to others in return for a professional fee. Entry usually requires a qualification and membership of a professional body (such as the Medical Council or the Institute of Chartered Accountants of India), and the member must observe its code of conduct. Examples are doctors, lawyers, chartered accountants, architects and engineers. This 2-mark term in AP Intermediate 1st-year Commerce is tested alongside business and employment.

A profession is an occupation that requires specialised education, training and skill, is carried on under a prescribed code of conduct (often laid down by a professional body), and earns the professional a fee for the services rendered.

Profession

A profession refers to an economic activity that involves rendering of specialised, expert personal services based on specialised knowledge, education and training. A person who practises a profession is called a professional, e.g. a doctor, lawyer, chartered accountant, engineer or teacher. Important points:

• It requires specialised knowledge and formal qualifications.
• Entry usually needs membership of a professional body (e.g. the Medical Council, the Institute of Chartered Accountants of India) and compliance with its code of conduct.
• The reward is a professional fee, not profit.
• The main aim is to render service with expertise, rather than to deal in goods.

This term on 'profession' is a standard AP Intermediate 1st-year Commerce question whose syllabus aligns with the NCERT/CBSE commerce curriculum.

A profession is an occupation involving specialised knowledge and training in which a qualified person renders expert personal service to clients in exchange for a professional fee, under the code of conduct of a professional body.

A profession refers to an economic activity that requires special knowledge, skill and training and is carried on by an individual called a professional. The professional renders personal services of a specialised nature to clients and earns a fee in return (not profit). Entry usually requires a prescribed qualification and often membership of a professional body (such as the Medical Council or the Institute of Chartered Accountants), which lays down a code of conduct that members must follow. Examples include doctors, lawyers, chartered accountants, architects and engineers. This distinction between profession, business and employment is a basic idea in the AP Intermediate 1st-year Commerce syllabus.