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Survey of Accounting 7e Warren: Chapter 1
Survey of Accounting 7e Warren: Chapter 1 
 
Definition: 
Business - CORRECT ANSWER-An organization in which basic resources (inputs), such materials and labor, are assembled and processed to provide goods and services (outputs) to customers. 
 
Definition: 
Profit - CORRECT ANSWER-The difference between the amounts received from the customers for goods or services and the amounts paid for the inputs used to provide goods and services. 
 
Types of Businesses: 
Service Businesses - CORRECT ANSWER...
- Exam (elaborations)
- • 6 pages •
Survey of Accounting 7e Warren: Chapter 1 
 
Definition: 
Business - CORRECT ANSWER-An organization in which basic resources (inputs), such materials and labor, are assembled and processed to provide goods and services (outputs) to customers. 
 
Definition: 
Profit - CORRECT ANSWER-The difference between the amounts received from the customers for goods or services and the amounts paid for the inputs used to provide goods and services. 
 
Types of Businesses: 
Service Businesses - CORRECT ANSWER...