ACCY 201 Study Guide - Midterm Guide: Outsourcing, Target Costing, Boeing
9 Jun 2015
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Chapter 1: accounting and business: types of businesses, merchandising company: a business that obtains and distributes goods to customers. Example: macy"s, jc penny: service firm: a business that exists to provide services to customers (clients) Example: bank, american airlines: manufacturing firm: A business organized to convert raw materials into finished goods. Example: coca cola (also merchandising), the boeing company: corporation: A business entity that is legally separate and distinct from its owners. Corporations are attractive business ventures because they provide business investors with limited liability (a situation in which the money invested in a corporation is at risk but investors" personal possessions are not at risk if the business fails. A business owned by one person by one person whose personal. A business owned by two or more individuals whose personal possessions are at: sole proprietorship: possessions are at risk if the business fails. risk if the business fails, partnership, assets and liabilities, assets:
