Which economic resources or inputs are put together and processed to provide goods or service?

The resources owned by a business.

The rights of creditors that represent debts of the business.

An organization in which basic resources (inputs), such as material and labor, are assembled and processed to provide goods or services (outputs) to customers.

A type of business that changes basic inputs into products that are sold to individual customers

A type of business that purchases products from other businesses and sells them to customers.

A business owned by one individual

A business owned by two or more individuals

A business organized under state or federal statutes as a separate legal entity.

An integrated set of plans and actions designed to enable the business to gain an advantage over its competitors and , in so doing, to maximize its profits.

A strategy wherein a business designs and produces products or services of acceptable quality at a cost lower than that of its competitors

The way a business adds value for its customers by processing inputs into a product or service

A person or entity who has an interest in the economic performance of a business.

Individuals authorized by the owners to operate the business

An information system that provides reports to stakeholders about the economic activities and condition of a business.

Moral principles that guide the conduct of individuals

A specialized field of accounting concerned primarily with the recording and reporting of economic data and activities to stakeholders outside the business.

A specialized field of accounting that uses estimated data to aid management in running day-to-day operations and in planning future operations.

The authoritative body that has the primary responsibility for developing accounting principles

Financial Accounting Standards Board (FASB)

A concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.

A concept of accounting requiring that economic data be recorded in dollars

Assets = Liabilities + Owner's Equity

An economic event or condition that directly changes an entity's financial condition or directly affects its results of operations

The liability created by a purchase on account

Items such as supplies that will be used in the business in the future

A claim against the customer

The amounts used in the process of earning revenue

The amount a business earns by selling goods or services to its customers

A summary of the revenue and expenses for a specific period of time, such as a month or a year.

A summary of the changes in owner's equity that have occurred during a specific period of time, such as a month or a year

statement of owner's equity

A list of the assets, liabilities, and owner's equity as of a specific date, usually at the close of the last day of a month or a year

A summary of the cash receipts and cash payments for a specific period of time

A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses

The form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and the liabilities and owner's equity sections on the right side.

The resources owned by a business are called ______.

The rights of the owners are called _______ _______.

Assets = Liabilities + Owner's Equity is the ______
_________

The liability created by a purchase on account is referred to as a(n) ______ __________

If liabilities are $85,000 and owner's equity is $45,000, the amount of the assets is ___________.

If assets are $375,000 and owner's equity is $295,000, the amount of the liabilities is ________.

If total assets increased by $85,000 and liabilities decreased by $9,000 during the period, the amount and direction (increase or decrease) of the period's change in owner's equity was
__________.

A summary of the changes in the owner's equity that have occurred during a specific period of time is the
________ _____ ______ _____.

statement of owner's equity

If assets are $98,000 and liabilities are $32,500, the amount of owner's equity is
_________.

If the owner's equity is $46,000 and liabilities are $34,000, the amount of assets is ________.

A claim against the customer is called a(n)________.

Is an organization which basic resources are assembled and processed to provide goods and services to customers or clients?

What is an economic term that describes the inputs used in the production of goods or services to make an economic profit?

What are inputs in production?

What are economic resources What categories do economists use to classify them why are resources also called factors of production Why are they called inputs?