In your own words, can you provide a definition of the differences between a service based
business and a merchandise business. Can you provide some examples of each one.
A serviced based business doesnt sell goods it offer services and merchandising bus
What is a partnership and what are its advantages and disadvantages of a Partnership to a sole
proprietorship and a corporation.
A partnership is a business that is ran by two are more people that share ownership of the business.
Advantages of partnership
If you owned your own business what steps would you take to collect the payments from your customers
on a timely basis?
The steps that I would take the make sure my customer will pay on time is to always do a credit check to see how
they history is when
What is the Statement of Cash Flows and what information does it present? Also, what is the
relationship between the statement of cash flows and the balance sheet?
A statement of cash flow is a section of financial statements that is issued by a business
What are corporations? How are they different, Who are the owners, what is stock and what are
the different types of stock?
The benefit of a partnership is that there is always someone there to share all the responsibilities with.
Some disadvantages of a
Departmental accounting is where various departments within an organization or entity have
different degrees of autonomy but are primarily separated from the rest of business
geographically (Warren, Reeve, & Fess, 2005). While department acco