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

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: What distinguishes a retail business with the services business?

A: Retail business and Service business are two types of business, in which one provides goods for use…

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 impact of the credit and collection functions on the other parts of a business (or on…

A: Credit refers to the debt and loan that is provided by the company to others at a certain rate 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: 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: 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: 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: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

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 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: 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: 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: Which account does a merchandiser use that a service company does not use? a. Cost of Goods Sold b.…

A:

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

A: The business that are engaged in the sale of products are known are merchandise business. The main…

Q: Explain how a retailing firm would determine the cost of goods sold during an accounting period.

A: Retailing firms are those firms that are run for the prime purpose of earning profits. The cost of…

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: Is there a significant difference between adjusting and closing for a service firm and a merchandise…

A: Merchandise Company is a company that purchases finely finished goods and commodities and later…

Q: Why should a business engaged in merchandising always try to negotiate with its vendors, the…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: Which of the following accounts is used in merchandising but not in service type of business?…

A: Service company deals with the intangible product whereas merchandise company buys tangible product…

Q: Bookkeeping in SMEs differ from industry. How does the bookkeeping in the manufacturing industry for…

A: Solution

Q: Which of the following businesses would most likely not report cost of goods sold on their income…

A: Cost of goods sold refers to that direct costs of the inventory the company incurred to produce the…

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: Which of the following statements is true about a retail business? The operating cycle for a…

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

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: the specific parts of a business plan will vary, depending on the goods or services the firm is…

A: A business plan is a document in writing that elaborates how a start-up company derives its…

Q: What is the role of accountant in setting the price of the goods or services?

A: Price of product shows the amount of product that the seller is willing to offer to the buyer.

Q: 1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: Give the journal entry for the following service/merchandising business transactions without the…

A: Journal entries refer to recording and classifying the business transaction into books of accounts…

Q: Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human…

A: Selling expense is the expense which involves any kind of cost that is incurred through the…

Q: why do you think accounting is important especially on businesses?

A: Accounting is defined as the systematic and detailed recording of the financial transactions of a…

Q: What is the difference between accounting and business administration

A: Both accounting and administration are critical components of business operations. They are mutually…

Q: Please create an example of an Income Statement for a merchandising business.

A: SOLUTION- EXAMPLES OF AN INCOME STATEMENT FOR MERCHANDISE BUSINESS- 1-A MERCHANDISE PURCHASES GOODS…

Q: what is sale revenue in retail industry? what is service revenue in service industry? what is…

A: Revenue represents the income generated by the entity either through business operations or through…