TMU BSM 100 Final Exam Questions with 100% Correct Answers | Updated & Verified 2024

TMU BSM 100 Final Exam Questions with 100% Correct Answers | Updated & Verified 2024 Marketing - answerdetermining the needs and wants of others and providing a good or service to satisfy those wants or needs Three part Business/Marketing Philosophy - answerA customer Orientation Find out what consumers want and provide it for them A service orientation Everyone from the president of the firm to the delivery people should be customer-oriented A profit orientation Focus on those goods and services that will earn the most profit and enable the organization to survive and expand what do financial transactions include - answerbuying selling/ goods and services, acquiring insurance, paying employees, using supplies what does accounting entail - answerrecording, classifying, summarizing, interpreting financial transactions Accounting system - answermethod used to record and summarize accounting data into reports what do inputs/ accounting documents include? - answersales documents, purchasing documents, shopping documents, payroll records, bank records, travel records, entertainmnent records. what are the three main financial statements? - answerbalance sheet, income statement, statement of cash flows income statement - answershows the revenue of a firm earned selling its products compared to its selling costs (profit or loss) over a specific period of time a balance sheet can also be known as? - answerstatement of financial position Fundamental accounting equation? - answerAssets = liabilities + owner's equity