ACC 231 Exam 1 Dallmus Question
and answers 100% correct 2025/2026
Define: Accounting - correct answer ✔Process of recoginizing, measuring, recording, and reporting
information about a business transactions
Define: Business - correct answer ✔A legal organization that attempts to create value by exchanging
products with customers for money
Define: Product - correct answer ✔A good or service purchased or produced by a business to be sold
Define: Goods - correct answer ✔Physical items that can be touched and felt
Define: Services - correct answer ✔Activities that exist but cannot be touched and felt
Define: Customer - correct answer ✔A person or organization that purchases a product from a business
Define: Sale - correct answer ✔The exchange between a business and a customer where the business
provides a custoemr a product and the business recieves money or money subsitiutes
Define: Value - correct answer ✔The price someone is willing to pay for an item
What are the 3 elemens in order to be called a business? - correct answer ✔1) Businesses are legal
entities
2) Business must exchange a product for money
3) Businesses create value
and answers 100% correct 2025/2026
Define: Accounting - correct answer ✔Process of recoginizing, measuring, recording, and reporting
information about a business transactions
Define: Business - correct answer ✔A legal organization that attempts to create value by exchanging
products with customers for money
Define: Product - correct answer ✔A good or service purchased or produced by a business to be sold
Define: Goods - correct answer ✔Physical items that can be touched and felt
Define: Services - correct answer ✔Activities that exist but cannot be touched and felt
Define: Customer - correct answer ✔A person or organization that purchases a product from a business
Define: Sale - correct answer ✔The exchange between a business and a customer where the business
provides a custoemr a product and the business recieves money or money subsitiutes
Define: Value - correct answer ✔The price someone is willing to pay for an item
What are the 3 elemens in order to be called a business? - correct answer ✔1) Businesses are legal
entities
2) Business must exchange a product for money
3) Businesses create value
