Chapter 1 - Introduction to Business and
Accounting UPDATED ACTUAL Questions and
CORRECT Answers
, Terms in this set (87)
Is an organization in which basic resources such as
Business materials and labor, are assembled and processed to
provide goods or services to customers
Input basic resources
Outputs provide goods or services
the difference between the amounts received from
Profit customers for goods or services and the amount paid
for the inputs used to provide the goods or services
Service Businesses Provide services rather than products to customers
Sell Products they purchase from other businesses to
Retail Businesses
customers
Change basic inputs into products that are sold to
Manufactoring Businesses
customers
Operating activities The company generates revenues from customers
Which a company acquires long term assets for use in
Investing activities
the operating activities of the company.
The company obtains funds to start and operate the
Financing Activities
company.
Information system that provides reports to users
Accounting about the economic activities and conditions of a
business
Managerical/Management Provides internal users with information
Accounting (Managers,Employees)
Managerical/Management Provide relevant and timely information for managers
Accounting Objective and employees decision-making needs
Sensitive Information Customers, prices, and plans to expand the business
Accountants are employeed by a business fir or a not-
Private Accounting
for-profit organization
Accounting UPDATED ACTUAL Questions and
CORRECT Answers
, Terms in this set (87)
Is an organization in which basic resources such as
Business materials and labor, are assembled and processed to
provide goods or services to customers
Input basic resources
Outputs provide goods or services
the difference between the amounts received from
Profit customers for goods or services and the amount paid
for the inputs used to provide the goods or services
Service Businesses Provide services rather than products to customers
Sell Products they purchase from other businesses to
Retail Businesses
customers
Change basic inputs into products that are sold to
Manufactoring Businesses
customers
Operating activities The company generates revenues from customers
Which a company acquires long term assets for use in
Investing activities
the operating activities of the company.
The company obtains funds to start and operate the
Financing Activities
company.
Information system that provides reports to users
Accounting about the economic activities and conditions of a
business
Managerical/Management Provides internal users with information
Accounting (Managers,Employees)
Managerical/Management Provide relevant and timely information for managers
Accounting Objective and employees decision-making needs
Sensitive Information Customers, prices, and plans to expand the business
Accountants are employeed by a business fir or a not-
Private Accounting
for-profit organization
