What distinguishes a retail business with the services business?

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 makes credit important to the business?

A: Credit can be the amount of money a business can borrow or can be termed as the ability of that…

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: What are the types of Businesses according to Nature and differentiate each?

A: Solution Concept Types of business                 There are various types of business ,such as…

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: 1. Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business

A: Introduction:- A merchandising business, often known as merchandisers, is one of the most common…

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: When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Give examples…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: What is matching concept? Why should a business concern follow this concept? Discuss.

A: Matching concept: According to this principle, the expense should be recognized when it is actually…

Q: What is a buy and sell business?

A: The Solution is given in the next step

Q: The understanding of the accounting for any type of business entity is very important. While there…

A: Those business organizations which are engaged in purchases of finished goods from the manufacturing…

Q: What is recording transactions in Merchandising concern?

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

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: Do you think that the role of Accounting is very important in a Merchandise business? If yes,…

A: SOLUTION- A merchandising business buys goods in finished form for resale to customers. A…

Q: What are the different types of businesses? What makes them different?

A: An individual or group of individuals can carry out business using that form of business entity that…

Q: What is the business name of the vendor (seller)? How do you know this? (using the image)

A: Here in this question, we are required to answer the name of seller. Seller is the person who sells…

Q: comparison equity and revenue between service and retail industry

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

Q: Discuss the methods of financing of retail business and the manner in which it will be raised.

A: Customers purchase things or services from retail firms for consumption, usage, or for their…

Q: What is meant by purchase return and sales return in accounting?

A: Purchase return:A purchase return is a transaction that occurs when the buyer of the goods (for…

Q: Identify and discuss three differences between accounting for service businesses and accounting for…

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

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: What is a business activator?

A: The business is an organization that is managed by a group of people or by an individual to sell the…

Q: Under what conditions should a company disclose the amount of sales from a major customer?

A: Sales: A sale refers to a transaction that take place between two parties where a buyer receives…

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 is the difference between a specialized industry like banking and airlines to other industries…

A: Specialized industries are those industries that have specific financial and accounting standards…

Q: What is the role of businesses?

A: The process by which financial transactions of the business are recorded and communicated with the…

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: What are the different types of business organization?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

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

A: The Answer :

Q: Define the term Retail Terminology.

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

Q: The records of Acme Corporation, domestic, orgval engaged in retail, how the

A: In Phillipines the CIT is 30% for domestic corporations .  But…

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: Explain the difference between external transactions and internal transactions. If a company…

A: Difference between external events, and internal events:  • External events are the events which…

Q: what kinds of issues or considerations would you address in the part of the business plan that deals…

A: Business plans are the written documents prepared by the management of a corporation that describes…

Q: What are the two essential indicators of a business?

A: The question is based on the concept of indicators of a business. Setting and investigating…

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

A:

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…

Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

A: A Journal entry is a primary entry that records the financial transactions initially. The…