Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 8Q
Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:
A. the primary purpose of the entity
B. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)
C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
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Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
Explain the following for a manufacturing, retail, or service business:
The primary purpose of the entity
The types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?
The types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process?
Determining the cost of producing specific products or providing services and analyzing for cost effectiveness.
Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions.
The process in which accountants help managers develop a financial plan.
A business that buys a product from another business to sell to customers.
Telling the results of the financial information.
A type of ownership structure in which more than one person owns the business.
Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases.
A system of gathering financial information about a business and reporting this information to users.
Bringing various items of information together to determine a result.
A business that makes products to sell.
A business that provides a service.
Generally supervises the work of…
Chapter 1 Solutions
Principles of Accounting Volume 1
Ch. 1 - Accounting is sometimes called the language of...Ch. 1 - Financial accounting information ________. A....Ch. 1 - External users of financial accounting information...Ch. 1 - Which of the following groups would have access to...Ch. 1 - All of the following are examples of managerial...Ch. 1 - Which of the following is not true? A....Ch. 1 - The primary purpose of what type of business is to...Ch. 1 - Which of the following is not an example of a...Ch. 1 - A governmental agency can best be described by...Ch. 1 - Which of the following is likely not a type of...
Ch. 1 - Which of the following is not considered a...Ch. 1 - Stockholders can best be defined as which of the...Ch. 1 - Which of the following sell stock on an organized...Ch. 1 - All of the following are sustainable methods...Ch. 1 - The accounting information of a privately held...Ch. 1 - Which of the following skills/attributes is not a...Ch. 1 - Which of the following is typically required for...Ch. 1 - Typical accounting tasks include all of the...Ch. 1 - What type of organization primarily offers tax...Ch. 1 - Most states require 150 semester hours of college...Ch. 1 - Research your top five career choices. Identify...Ch. 1 - Using the same top five career choices, identify...Ch. 1 - Think about a recent purchase you made. Describe...Ch. 1 - Computerized accounting systems help businesses...Ch. 1 - The following information was taken from the...Ch. 1 - The following chart shows the price of Netflix...Ch. 1 - Use the internet to research one for-profit, one...Ch. 1 - Use the internet to research one manufacturing,...Ch. 1 - Assume you are considering opening a retail...Ch. 1 - Uber and Lyft are two popular ride-sharing...Ch. 1 - How would you categorize or classify a company...Ch. 1 - Charity Navigator...Ch. 1 - Use the internet to visit the Securities and...Ch. 1 - Imagine that you have just been elected president...Ch. 1 - According to a company press release, on January...Ch. 1 - The Dow Jones Industrial Average (DJIA) is often...Ch. 1 - Many professional certifications now have...Ch. 1 - The Certified Public Accountant (CPA) exam is a...
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- Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the entitys funding, and what costs might the entity have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forwardWhy Does It Matter? ECOTOUR EXPEDITIONS, INC., Jamestown, Rhode Island You probably have never imagined the possibility of being an accountant who could have a direct impact on improving global ecosystems. Accountants who work for Ecotour Expeditions, Inc., an ecotourism company, might manage accounting details for guest air travel and accommodations, tour guide compensation, expedition revenue, and a variety of expenses. What type of accounting transactions would Ecotour Expeditions have? List 3 to 4 transactions and then record the journal entry for each transaction. Example: Purchase safari jeep with cash, 42,500. Safari Jeep42,500 Cash42,500arrow_forwardACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemarrow_forward
- What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.arrow_forwardUsers of Accounting Information and Their Needs Billings Inc. would like to buy a franchise to provide a specialized service. Information about Billings is more useful to some people involved in the project than to others. Required Complete the following chart by identifying the information listed on the left with the users need to know the information. Identify the information as one of the following: Need to know Helpful to know Not necessary to knowarrow_forwardList the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.arrow_forward
- You are employed by a business consulting firm as an information systems specialist. You havejust begun an assignment with a startup company and are discussing with the owner her need for anaccounting system. How would you respond to the following questions from the owner?a. What is the meaning of the term accounting system?b. What is the purpose of an accounting system and what are its basic functions?c. Who is responsible for designing and implementing an accounting system?arrow_forwardBefore making decisions to invest in a computer-based accounting information system, cite at least 3 factors that should be considered first by the managers and owners of business enterprises.arrow_forwardAn information system that provides reports to stakeholders about the economic activities and condition of a business is called _______________________. Group of answer choices communication networking financial statements accountingarrow_forward
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