Accounting 200 Exam 1 UTK 2025
QUESTIONS AND ANSWERS
What are the three types of businesses? - ANS service, merchandising, manufacturing
What are the non-profit types of businesses? - ANS Foundations, Religious Groups, other
benevolent organizations
- Red Cross, Saint Judes, Habitat etc.
What are the types of business resources used? - ANS Financial, Physical, and Labor
resources
What is Accounting? - ANS - The information system that report on the economic activities
and the financial conditions of a business or other organizations.
- it is the language of business
- provides information to both external and internal stakeholders: so they can provide results of
operations, financial positions, and company's future prospects.
financial resources - ANS businesses need money to establish and operate their businesses.
These come from Investors and Creditors.
Investors - ANS give money of ROI
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Page
Creditors - ANS give money: want it back with interests
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, Physical Resources - ANS Natural resources businesses transform to create more valuable
resources.
Labor resources - ANS The intellectual and physical efforts of individuals used in the process
of providing goods and services to customers.
What are types of accounting? - ANS financial and managerial accounting
Financial Accounting - ANS Branch of accounting focused on the information needs of
external users.
- investors, creditors/ lenders, customers, federal government
- strict rules/ regulations: using uniform across companies.
Managerial Accounting - ANS Branch of accounting that focused on the information needs of
managers and others working within the business.
Why do nonprofit Businesses still need accounting? - ANS - foundations, religious
organizations etc. need to provide donors and contributors information on the uses of
resources and effectiveness of meeting the mission.
- Gov. need to proved stakeholders with information on the use of tax revenues.
Type of Stakeholders - ANS Internal
External
Operational
Executive
FASB - ANS Financial Accounting Standards Board,
2
Page
@COPYRIGHT BRAINBARTER 2025/2026
QUESTIONS AND ANSWERS
What are the three types of businesses? - ANS service, merchandising, manufacturing
What are the non-profit types of businesses? - ANS Foundations, Religious Groups, other
benevolent organizations
- Red Cross, Saint Judes, Habitat etc.
What are the types of business resources used? - ANS Financial, Physical, and Labor
resources
What is Accounting? - ANS - The information system that report on the economic activities
and the financial conditions of a business or other organizations.
- it is the language of business
- provides information to both external and internal stakeholders: so they can provide results of
operations, financial positions, and company's future prospects.
financial resources - ANS businesses need money to establish and operate their businesses.
These come from Investors and Creditors.
Investors - ANS give money of ROI
1
Page
Creditors - ANS give money: want it back with interests
@COPYRIGHT BRAINBARTER 2025/2026
, Physical Resources - ANS Natural resources businesses transform to create more valuable
resources.
Labor resources - ANS The intellectual and physical efforts of individuals used in the process
of providing goods and services to customers.
What are types of accounting? - ANS financial and managerial accounting
Financial Accounting - ANS Branch of accounting focused on the information needs of
external users.
- investors, creditors/ lenders, customers, federal government
- strict rules/ regulations: using uniform across companies.
Managerial Accounting - ANS Branch of accounting that focused on the information needs of
managers and others working within the business.
Why do nonprofit Businesses still need accounting? - ANS - foundations, religious
organizations etc. need to provide donors and contributors information on the uses of
resources and effectiveness of meeting the mission.
- Gov. need to proved stakeholders with information on the use of tax revenues.
Type of Stakeholders - ANS Internal
External
Operational
Executive
FASB - ANS Financial Accounting Standards Board,
2
Page
@COPYRIGHT BRAINBARTER 2025/2026
