ACCOUNTING 211 Liberty University -acct 211 test 1 with answers rated A+

acct 211 test 1service company - correct answer Provides a service - does something for you instead of providing something to you ex. lion tutors merchandising company - correct answer Buys goods, adds value to the goods and then resells the goods with added value Ex. Target manufacturing company - correct answer Makes goods then sells them Ex: Boeing financial services company - correct answer Provide a services related to money Ex: Investment banks share of common stock - correct answer certificates of ownership in a corporation Securities and Exchange Commission (SEC) - correct answer government agency that monitors the stock market and financial reporting dividends - correct answer earnings of a corporation distributed to owners fiscal year - correct answer a year in the life of business, does not have to match the calendar year principal - correct answer the amount a loan is made for interest - correct answer the cost of borrowing money