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Acc 200 Exam 1 Verified Study Guide

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Institution The University Of Arizona
Course ACC 200
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ACC 200 EXAM 1 VERIFIED STUDY GUIDE

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ACC 200 EXAM 1 VERIFIED STUDY GUIDE

The three types of a business - Answers - Service Business
Merchandising Business
Manufacturing Business

Business - Answers - An organization that sells goods or services to customers

The four business forms - Answers - Proprietorship
Partnership
Corporation
Limited Liability Company

Proprietorship - Answers - Owned by one individual

Partnership - Answers - Owned by more than one individual or entity (partners)

Corporation - Answers - Owned by more than one individual or entity (stockholders)

Limited Liability Company - Answers - owned by more than one individual or entity
(members)

Equation for Net Income - Answers - Revenues - Expenses

Revenue - Answers - amount the business earned this period

Expenses - Answers - costs the business incurred this period in earning revenue

Low-cost emphasis - Answers - high volume to make a profit
acceptable quality at low cost

Premium-price emphasis - Answers - don't need high volume to make profit
unique qualities at a premium price

Stakeholder - Answers - Entities with an interest in a business

Capital market stakeholder - Answers - Lenders/creditors
Owners/stockholders

Product/Service Market stakeholder - Answers - Suppliers and customers

Government stakeholders - Answers - Collect taxes from the business and regulate
activities (IRS, State Tax Boards, OSHA, ADA)

Income Statement - Answers - Revenues - Expenses = Net Income

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