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Accounting 200 Exam 1 UTK; Questions & Answers 100% Verified $9.99   Add to cart

Exam (elaborations)

Accounting 200 Exam 1 UTK; Questions & Answers 100% Verified

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  • Course
  • ACC 200
  • Institution
  • ACC 200

Accounting 200 Exam 1 UTK; Questions & Answers 100% Verified The three types of a business Correct answer-Service Business Merchandising Business Manufacturing Business Business Correct answer-An organization that sells goods or services to customers The four business forms Correct answer-P...

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  • August 8, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC 200
  • ACC 200
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GOLDTUTORS
Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
The three types of a business Correct answer-Service Business

Merchandising Business

Manufacturing Business




Business Correct answer-An organization that sells goods or services to customers




The four business forms Correct answer-Proprietorship

Partnership

Corporation

Limited Liability Company




Proprietorship Correct answer-Owned by one individual




Partnership Correct answer-Owned by more than one individual or entity (partners)




Corporation Correct answer-Owned by more than one individual or entity (stockholders)




Limited Liability Company Correct answer-owned by more than one individual or entity
(members)

, Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
Equation for Net Income Correct answer-Revenues - Expenses




Revenue Correct answer-amount the business earned this period




Expenses Correct answer-costs the business incurred this period in earning revenue




Low-cost emphasis Correct answer-high volume to make a profit

acceptable quality at low cost




Premium-price emphasis Correct answer-don't need high volume to make profit

unique qualities at a premium price




Stakeholder Correct answer-Entities with an interest in a business




Capital market stakeholder Correct answer-Lenders/creditors

Owners/stockholders




Product/Service Market stakeholder Correct answer-Suppliers and customers

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