How does reporting information for a merchandising company differ from financial reporting for a service organization?

Q: Are there significant distinctions between conducting adjustment and closing for a service firm and…

A: Service Industry Service industry mainly focus on the providing services to the customers and the…

Q: stinguish between a Merchandisers Income Statement and a Manufacturing Companies In

A: An income statement is a component  financial statement that shows you the company's income and…

Q: What is the differences between financial statements of a manufacturing and a merchandising…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What is the revenue account for a merchandising business called? Group of answer choices gross…

A: Solution: Merchandise business is a type of trading business that involves purchase and sales of…

Q: What are the Source documents used in a merchandising business?

A: Merchandising business is the one in which the entity deals in with goods / products.

Q: Which of the following would not be considered an internal user of accounting data for the LMN…

A: Internal user means the person with in the company who use the financial information or accounting…

Q: Write a research on the Income Statement of a Merchandising Company.

A: Merchandising Company In a simple word the word Merchandising which describes as buy the goods and…

Q: "Do the steps in the accounting cycle for a merchandising company differs from the steps in the…

A: Accounting cycle is a process to identify, analyse and record the monetary transactions of a firm.…

Q: hree debit and credit Rules for Merchandising Accounts

A: The Golden Rules of Accounting   Debit The Receiver, Credit The Giver   This principle is used in…

Q: If a company specializes in either retail or manufacturing (for example), but also sells clothing…

A: Reportable segments are those operating segments which meet the specified criteria of IFRS that is…

Q: How is accounting for service businesses different than accounting for merchandising businesses?

A: Services business: A business that provide services to its customers is called service business.…

Q: An accounting firm would be classified as a manufacturing company. merchandising company. simple…

A: An accounting firm is formed to provide different services like providing help in preparing books of…

Q: How is Income from Operations determined? A) Net Sales - Selling Expenses - Administrative Expenses…

A: Net sales - Cost of goods sold = Gross profit

Q: What is recording transactions in Merchandising concern?

A: Merchandise refers to the those transaction which are concerned with stock, purchase transactions,…

Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: Definition: Manufacturing businesses: This is a business that buys raw materials, processes those to…

Q: ial rep

A: Financial Reporting Servicing Whether it's production or service, there are various divisions that…

Q: Subsidiary ledgers in merchandising business?

A: A subsidiary ledger is a subset to the general ledger and it contains the details to support a…

Q: Define and explain subsidiary ledgers in merchandising business?

A: Subsidiary ledgers are the ledgers that contain information about specific control accounts in…

Q: How is the accounting cycle different for a merchandising operation, as compared to a service…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: comparison equity and revenue between service and retail industry

A: Definition: Service businesses: Service companies involve in selling services, collecting cash for…

Q: Describe how manufacturing, merchandising and service-sector companies differ from one another?

A: Manufacturing Companies: Merchandiser is a person or organization who buys goods with the purpose of…

Q: Choose the correct. Which of the following information items with regard to a major customer must be…

A: Answer:   Option c.

Q: Represent (In Figure form) the Income Statement of Service and merchandising sector company.

A: Income statement is described as a financial statement which consists of the revenues and expenses…

Q: What distinguishes a merchandising business from a service business?

A: Merchandising Company and Service Company: A merchandising company generates income by selling goods…

Q: Which transaction cycle includes interactions between an organization and its suppliers? Select one:…

A: Transaction cycle is set of various business transactions which can be aggregated to small number of…

Q: How do the subject matter of reports and the verification of reports differ between financial…

A: Both financial and managerial reporting have different scope and objectives .Detail explanation…

Q: How does the company compare with other companies in the industry?

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: What items appear in financial statements of merchandising companies but not in the statements of…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: Explain the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

Q: Why Gross sales is important in a Company?

A: Gross sales: Gross sales is a metric for the total sales of the company, that are unadjusted for the…

Q: What are the differences between accounting for service companies and accounting for merchandise…

A: The Answer :

Q: In the income statement of a merchandising business, why do you think we have to categorize expenses…

A: Income Statement Income Statement shows company's revenues and expenses during a particular period

Q: What is the difference in the operating cycle of a service provider and a merchandiser?

A: Operating cycle is defined as the amount of time the company requires to use its cash in order to…

Q: What is Sales Mix and why is it used in retail operations?

A: Sales mix is the proportion of each product sold by a company as a percentage of its total sales.…

Q: Differentiate between selling price,cost of sales and labour costs in informal and formal business.

A: Registered (or unregistered), organized (or unorganized), and supervised (or unregulated) companies…

Q: What are the major differences between financial accounting and managerial accounting?

A: Financial AccountingFinancial accounting is the process of recording all the transactions which are…

Q: Which of the following information items with regard to a major customer must be disclosed?a. The…

A:

Q: Distinguish between a service department and a production department. Give an example of the…

A: Distinguish between a service department and a production department. Give an example.

Q: Why is credit approval an important part of the revenue cycle? And Why should accountants…

A: A cycle indicating a set of business activities and its information processing operations that…

Q: Describe a merchandising company, and give an example.

A: Merchandising firms, also called merchandising companies, are more commonly known as retail…

Q: Which of the following information items with regard to a major customer must be disclosed? a. The…

A: According to the disclosures requirements , if a company is making sales to major customer , then…