Survey of Accounting Test Bank Questions and Answers 100% Correct
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Survey of Accounting
Institution
Survey Of Accounting
Survey of Accounting Test Bank Questions and Answers 100% Correct
Forms of Business - Answers -proprietorship
-partnership
-corporations
-limited liability company
Types of Businesses - Answers -Service business
-Merchandising
-Manufacturing
Stakeholders in a business - Answers -Capital ma...
Matching Concept - Answers matching expenses with revenues that expenses should be associated with
(revenue recognition, expense recognition, principles)
business - Answers organization in which basic resources (inputs), such as materials and labor are
assembled and processed to provide goods or services (outputs) to customers.
Profit - Answers The difference between the amounts received from customers for goods or services
provided and the amounts paid for the inputs used to provide the goods or services.
Merchandising - Answers sell products they purchase from other businesses to customers
Manufacturing - Answers change basic inputs into products that are sold to customers (General Motors,
Dell Inc.)
Proprietorship - Answers owned by one individual (more than 70% of businesses)
Partnership - Answers Owned by 2 or more individuals.
May outgrow financial resources of its owners. Unlimited liability to creditors for debt.
Corporation - Answers -organized under state or federal statutes as a separate legal entity. Divided into
stock shares (individual/companies); liability=limited to investment; require large amount of resources
LLC - Answers combines the attributes of a partnership and a corporation. Operates similar to
partnership, but its owners liability for company debts is limited to their investment.
When forming a business consider: - Answers -ease of formation
-ability to raise capital
-liability for debts of the business
-taxes, legal life of the business
low-cost strategy - Answers where a company designs and produces products or services at a lower cost
than its competitors. Such companies often sell no frills, standardized products and services
premium-price strategy - Answers Where a company tries to design and produce products or services
that serve unique market needs, allowing it to charge premium prices.
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