Identify and classify each based on the types of business whether it is a Service Concern, Trading or Merchandising and Manufacturing. • Hotel Industry • Shopping Malls • Restaurants • Schools • Bag Factory • Bookstore • Cigarette Factory • Vegetable Stalls • Auto Repair Shop • Sari-sari Store Key Duplicators • Shipping Lines Bus Company • Beauty Parlor Airline Business Gasoline station Barber Shop • Internet Cafe School Canteen • Travel and Tours Companies

Identify and classify each based on the types of business whether it is a Service Concern, Trading or Merchandising and Manufacturing. • Hotel Industry • Shopping Malls • Restaurants • Schools • Bag Factory • Bookstore • Cigarette Factory • Vegetable Stalls • Auto Repair Shop • Sari-sari Store Key Duplicators • Shipping Lines Bus Company • Beauty Parlor Airline Business Gasoline station Barber Shop • Internet Cafe School Canteen • Travel and Tours Companies

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 24E: For each of the following companies, determine what they primarily sell and whether their e-commerce...

See similar textbooks

Similar questions

What are three typical businesses found in the service sector? Multiple select question. Independent music stores Barbershops Real estate agencies Drugstores Accounting firms
Requirement 2. For each decision, select what information the management accountant can provide about the source of competitive advantage for these firms. a. For a running shoe manufacturer's decision of whether to purchase leather from a cheaper supplier, management accountants can provide the following information: (Complete all input fields.) b. For an office supply store's decision of whether to a delivery service that its competitors do not have, management accountants can provide the following information: (Complete all input fields.) c. For a regional retailer's decision of whether to install self-check-out counters, management accountants can provide the following information: (Complete all input fields.) d. For a local florist's decision of whether to hire a horticulture specialist to help customers with gardening questions, management accountants can…
Identify the type of responsibility center (revenue center, cost center, profit center, or investment center) for each of the following situations. A. the legal department for Avon Manufacturing B. the Macys store in Mansfield, Ohio C. the food and beverage division of the Best Western D. the marketing department of the Hershey Company E. the Walmart #5030 on Central Avenue in Toledo, Ohio F. Apples Braeburn Capital Inc., where most of Apples billions of dollars are invested G. Zappos department store H. the mens clothing department in the Walmart #5030 in Toledo, Ohio
For each of the following companies, determine what they primarily sell and whether their e-commerce strategy is primarily business-to-consumer (B2C), business-to-business (B2B), or both. Use the Internet to investigate each companys site in conducting your research. a. Amazon.com b. Dell Inc. c. DuPont d. Intuit Inc. e. L.L. Bean, Inc. f. W.W. Grainger, Inc.
Apply the economic attributes framework discussed in the chapter to the specialty retailing apparel industry, which includes such firms as Gap,Limited Brands, and Abercrombie & Fitch. (Hint: Access Gale’s Business & Company Resource Center, Global Business Browser, or Standard & Poor’s Industry Surveys to obtain the needed information.)
Explain some of the differences that make merchandising businesses and service businesses different from each other. The text below may help you. Use evidence from the text below to support your response. Read: A service business sells its services for a fee. A merchandising business is a business that purchases goods and sells them. If you are selling those goods to the general public for use or consumption, your business is a retail merchandising business. Many of the transactions of a service business and a merchandising business are the same. You pay cash for supplies and buy on account, just like in a service business. However, transactions like these occur more often and include different elements to account for. For example, there is a lot more purchasing of goods on account to have an inventory to sell. Also, an asset account for all those purchases is needed. A merchandising business may have a much higher volume of sales and may have to charge sales tax depending on city,…
Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
For each office or business segment, indicate which type of Responsibility Center it is: a. A retail location, such as the Apple Store b. A manufacturing division that manages its own facilities and production equipment c. Call center for a warranty claims processing d. Consulting department of an accounting firm e. Quality control department for a golf ball manufacturer PreviousNext
Determining the cost of producing specific products or providing services and analyzing for cost effectiveness. Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions. The process in which accountants help managers develop a financial plan. A business that buys a product from another business to sell to customers. Telling the results of the financial information. A type of ownership structure in which more than one person owns the business. Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases. A system of gathering financial information about a business and reporting this information to users. Bringing various items of information together to determine a result. A business that makes products to sell. A business that provides a service. Generally supervises the work of…
For each office or business segment, indicate which type of Responsibility Center it is: a. Quality control department for a golf ball manufacturer b. Consulting department of an accounting firm c. A retail location, such as the Apple Store d. The sales department at an car dealership e. Maintenance department of a luxury resort ["", "", "", "", "", ""]
Identify the type of responsibility center (revenue center, cost center, profit center, or investment center) for each of the following situations. the legal department for Avon Manufacturing. Cost center the Macy’s store in Mansfield, Ohio Investment center the food and beverage division of the Best Western the marketing department of the Hershey Company the Walmart #5030 on Central Avenue in Toledo, Ohio Apple’s Braeburn Capital Inc., where most of Apple’s billions of dollars are invested Zappo’s department store the men’s clothing department in the Walmart #5030 in Toledo, Ohio
ABC Limited operates its business as one of the leading clothing wholesalers in the region and sells its clothes to retailers. You recently joined this wholesaler for a short project where your primary responsibility is to analyse their transaction process system critically. For this purpose, you are provided with the description of various business activities of the following four departments (also see Figure 1.1 on the next page): (1) Sales Department, (2) Accounting Department, (3) Warehouse/Shipping, and (4) Mailroom. The sales department of ABC Limited has a part-time sales clerk, Miss Emma, who works on the commissions. Miss Emma encourages its customers to forward the orders in any form, including mail, e-mail or fax (recall our discussion on the revenue cycle during the interactive tutorial for week 4). Miss Emma approves the credit sales and calculates commission and discounts. Then, she records the sales in the sales journal from the PC in the sales department. After…