ACT 2200- Midterm Exam Guide - Comprehensive Notes for the exam ( 119 pages long!)
Document Summary
Resources a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. (biggest money and time) Someone taking your money to invest in stock (dow jones, nasdaq, etc. ) External to the organization (convey info to outside stakeholders) Details the change in owners" equity over a period of time. How the cash has changed for a given period of time. 4 - close the temporary accounts (revenue and expense accounts) Group of people or entities organized to exchange items of value. Business convert ___________ into goods and services that are demanded by consumers. The difference between the cost of a product or service and the selling price that product or service is called ____________________________. A business that consumes ,000 of resources to make a product that is sold for ,000 has earned a __________ of ,000. Share profits, pay higher salary, and interest payment.
