Business

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Business	An organization in which basic resources (inputs) such as materials and labor are assembled and processed to provide goods or services (outputs) to customers. The objective of most business is to make a profit.
Types of Businesses	1. Service business 2. Merchandising business 3. Manufacturing business
Profit	Is the difference between the amounts received from customers for goods and services and the amounts paid for inputs used to provide the goods and services.
Service Businesses	Provide services rather than products to customers. Example: -Delta Air Lines (transportation services) -Walt Disney Company (entertainment services)
Merchandising Businesses	Sell products they purchase from other businesses to customers. Ex: -Wal-Mart (general merchandise) -Amazon (internet book, music)
Manufacturing Businesses	Change basic inputs into products that are sold to customers. Ex: -Ford motors -Dell Inc.
The role of accounting in business	Is to provide information for managers to use in operating the business.
Accounting	Information system that provides reports to users about the economic activities and condition of a business. The means by which businesses financial information is communicated to users.

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