College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 1, Problem 1MYW
To determine
Write a memo describing the type of business that is enjoyed most and also explain which form of ownership is preferred and the reason for selecting the particular form of ownership.
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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
Based on your understanding on different forms of business organizations, which form of business would you organize once you want to start a business? Explain why did you choose it among others.
select a “start-up” company in an industry of your choice and provide a brief summary description of the start-up company you chose and the goods or services it provides. 1. As a start-up company, identify three Credit Risks the company currently faces today or could face in the future. Explain in detail why these risks are a threat to the company. 2. What advice would you give to the CEO of the company to prevent or minimize these credit risks?
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College Accounting, Chapters 1-27
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- Solve a business problem. Do you or someone that you know have a small business with a specific problem or opportunity that needs to be addressed? Expansion plans, entering a new market, establishing various policies, operations issues, training and so on? If so, you can address their problem or opportunity. Provide a solution that a small business has. And explain how to solve it.arrow_forwardUse 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 processarrow_forwardSelect an organization (or make one up) that markets to other businesses. Discuss how online shopping has changed in the business-to-business market using an example. references and link at the end, please.arrow_forward
- Essay about: If you are a consultant in a business and the owners ask you recommend a supplier. What kind of supplier will you recommend and why?arrow_forwardImagine that you have started up your own business. How can the internet help you expand the business? What would be the pros and cons of doing business internationally?arrow_forwardWhich option is better for small business owners, computerized or manual accounting system? Why? Support your answer with proper citations.arrow_forward
- 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…arrow_forwardDoes someone need to start a business from scratch to be called an entrepreneur?Disscussarrow_forwardif you are a business owner, how can finantial analysis help you? (short explanation)arrow_forward
- Consider the use of Integrated Accounting, as a computerized accounting system. Write a discussion post in which you respond to the following prompts: Under what circumstances would it be in a business’s best interest to invest in and use a computerized accounting system? Are there circumstances in which it would make sense to use a manual system? Explain your answer.arrow_forwardWhat drives someone to start their own company?arrow_forwardWrite about the positives and negatives of owning a franchise. Do you believe it is a smart business decision? Support your position with examples.arrow_forward
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