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ACC 231 Exam 1 Dallmus Question and answers 100% correct 2025/2026

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ACC 231 Exam 1 Dallmus Question and answers 100% correct 2025/2026 Define: Accounting - correct answer Process of recoginizing, measuring, recording, and reporting information about a business transactions Define: Business - correct answer A legal organization that attempts to create value by exchanging products with customers for money Define: Product - correct answer A good or service purchased or produced by a business to be sold Define: Goods - correct answer Physical items that can be touched and felt Define: Services - correct answer Activities that exist but cannot be touched and felt Define: Customer - correct answer A person or organization that purchases a product from a business Define: Sale - correct answer The exc

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ACC 231 Exam 1 Dallmus Question
and answers 100% correct 2025/2026
Define: Accounting - correct answer ✔Process of recoginizing, measuring, recording, and reporting
information about a business transactions



Define: Business - correct answer ✔A legal organization that attempts to create value by exchanging
products with customers for money



Define: Product - correct answer ✔A good or service purchased or produced by a business to be sold



Define: Goods - correct answer ✔Physical items that can be touched and felt



Define: Services - correct answer ✔Activities that exist but cannot be touched and felt



Define: Customer - correct answer ✔A person or organization that purchases a product from a business



Define: Sale - correct answer ✔The exchange between a business and a customer where the business
provides a custoemr a product and the business recieves money or money subsitiutes



Define: Value - correct answer ✔The price someone is willing to pay for an item



What are the 3 elemens in order to be called a business? - correct answer ✔1) Businesses are legal
entities

2) Business must exchange a product for money

3) Businesses create value

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