ESSAY 1.How does accounting help stakeholders of a business make decisions about the business? 2.Your next-door neighbor asks "What is accounting?" Having just read and studied chapter one...

ESSAY

1.How does accounting help stakeholders of a business make decisions about the business?

2.Your next-door neighbor asks "What is accounting?" Having just read and studied chapter one of your accounting textbook, you are unusually well prepared to respond. Do so.

3.Business organizations can generally be classified as being retail (or merchandising), manufacturing, or service organizations.

Required:

Complete each of the sections below. Do not use any company or organization more than once.

a.Give an example of at least one well-known organization in your community for each of these three categories. Clearly label which organization fits which classification.

b.Give one example of an organization in your community that is both a manufacturing and a service company. Explain what the firm does that qualifies it for each category.

c.Give one example of an organization in your community that is both a manufacturing company and a retailing company. Explain what the firm does that qualifies it for each category.

4.What is the transformation process and how is the accounting function related to it?