Accounting 1st part-10th grade

A business that offers services as its main product rather than

physical goods.

• Service business

• Retail business
• Manufacturing business
• Merchandising Business

A business that buys and sell goods without changing their physical

form. Also known as "Trading Business"

• Selling Business
• Manufacturing Business
• Service Business
• Merchandising Business

A business that buys raw materials and process them into

final products.

• Wholesaler Business

• Distributor Business

• Merchandising Business

• Manufacturing Business

What type of business has these advantages:

1. Absence of Inventory

2. No production Facilities

What type of business has these disadvantages:

Inability To Standardize Services

Maintaining Human Capital

What type of business has these advantages:

Visible Products

Less Conversion: Time and Effort

What type of business has these disadvantage/s:

Managing Inventory

What type of business has these advantages:

Quality Control
Visible Product

What type of business has these disadvantages:

Generally, needs production facilities

High conversion costs

Cost of quality control

Managing inventory

What is GAAP?

Answer explanation

• Philippine Financial Reporting Standard or

• Philippine Accounting Standard