[ACC 100] - Final Exam Guide - Everything you need to know! (34 pages long)

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Richard Deklerk

Document Summary

Business: activity of making, buying, or selling goods or services in exchange for money. Retailer earns a profit by reselling goods or providing services to consumers (also called the public) in order to satisfy their wants and needs. Wholesaler buys large quantities of goods from manufacturers, warehouses them, and then resells them to retailers. Wholesalers generally do not sell to consumers (public) Stakeholders are individuals or groups who either affect the business or are affected by the actions of the business. Every stakeholder has an objective, something they want from their relationship with the business. Their objectives relate to their ability to keep their jobs, do their jobs more efficiently, get promoted, and get paid for their work. External stakeholders are outside of the business and their objectives relate to decisions they will make about money (also called resource allocation decisions) or about how the business can affect them, either positively or negatively.