Introduction to Accounting and Business

1
Introduction to Accounting and Business
LO 1a Understanding the types of business.
2
Nature of Business and Accounting
LO 1

• A business is an organization in which basic
  resources (inputs), such as materials and labor,
  are assembled and processed to provide goods or
  services (outputs) to customers.

3
Types of Businesses
LO 1
Service businesses provide services rather than
products to customers.
4
Types of Businesses
LO 1
Merchandising businesses purchase products from
other businesses to sell to their customers.
5
Types of Businesses
LO 1
Manufacturing businesses change basic inputs into
products that are sold to individual customers.
6
Types of Businesses
LO 1