Accounting 200 Exam 1 UTK / Actual Questions &
Certified Solutions / Complete Accurate Quizzes with
Verified Answers /
What are the three types of businesses? - (ANSWER)service, merchandising,
manufacturing
What are the non-profit types of businesses? - (ANSWER)Foundations, Religious
Groups, other benevolent organizations
- Red Cross, Saint Judes, Habitat etc.
What are the types of business resources used? - (ANSWER)Financial, Physical,
and Labor resources
What is Accounting? - (ANSWER)- 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 - (ANSWER)businesses need money to establish and operate
their businesses. These come from Investors and Creditors.
Investors - (ANSWER)give money of ROI
, Creditors - (ANSWER)give money: want it back with interests
Physical Resources - (ANSWER)Natural resources businesses transform to create
more valuable resources.
Labor resources - (ANSWER)The intellectual and physical efforts of individuals
used in the process of providing goods and services to customers.
What are types of accounting? - (ANSWER)financial and managerial accounting
Financial Accounting - (ANSWER)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 - (ANSWER)Branch of accounting that focused on the
information needs of managers and others working within the business.
Why do nonprofit Businesses still need accounting? - (ANSWER)- 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 - (ANSWER)Internal
Certified Solutions / Complete Accurate Quizzes with
Verified Answers /
What are the three types of businesses? - (ANSWER)service, merchandising,
manufacturing
What are the non-profit types of businesses? - (ANSWER)Foundations, Religious
Groups, other benevolent organizations
- Red Cross, Saint Judes, Habitat etc.
What are the types of business resources used? - (ANSWER)Financial, Physical,
and Labor resources
What is Accounting? - (ANSWER)- 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 - (ANSWER)businesses need money to establish and operate
their businesses. These come from Investors and Creditors.
Investors - (ANSWER)give money of ROI
, Creditors - (ANSWER)give money: want it back with interests
Physical Resources - (ANSWER)Natural resources businesses transform to create
more valuable resources.
Labor resources - (ANSWER)The intellectual and physical efforts of individuals
used in the process of providing goods and services to customers.
What are types of accounting? - (ANSWER)financial and managerial accounting
Financial Accounting - (ANSWER)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 - (ANSWER)Branch of accounting that focused on the
information needs of managers and others working within the business.
Why do nonprofit Businesses still need accounting? - (ANSWER)- 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 - (ANSWER)Internal
