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Trading vs Service Business
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What is a trading business?
It sells a physical product to consumers.
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Give two examples of assets.
Various answers
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Give two examples of Owners Equity.
Various answers
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How would you describe a wholesaler?
A wholesaler buys products in very large quantities from manufacturers and importers, and resells these products to other suppliers and retailers.
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Is stationary and asset? Why or why not?
No. It is an expense because it is used up.
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What is the accounting equation?
A = L + OE
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Are you a consumer? Yes or No?
Yes
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What does a manufacturing business do?
It manufactures a product by combining materials to produce a product that is sold to other manufacturers, wholesalers and retailers.
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What is a service business?
It sells services to consumers, not a physical product.
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Give two examples of liabilities.
Various answers
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How would you describe a retailer?
A retailer sells goods in small quantities directly to the customer.
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