Which of the following is the primary source of revenue for a service business? A. the production of products from raw materials B. the purchase and resale of finished products C. providing intangible goods and services D. the sale of raw materials to manufacturing firms

Question

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Answer 1

Textbook Question

Chapter 2, Problem 1MC

Which of the following is the primary source of revenue for a service business?

A. the production of products from raw materials

B. the purchase and resale of finished products

C. providing intangible goods and services

D. the sale of raw materials to manufacturing firms

Expert Solution & Answer

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer to Problem 1MC

C. Providing intangible good and services

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

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Fiona Industries plans to produce 30,000 units next period at a denominator activity of 60,000 direct labor hours. The direct labor wage rate is $16.50 per hour. The company's standards allow 2.2 yards of direct materials for each unit of product; the material costs $10.50 per yard. The company's budget includes a variable manufacturing overhead cost of $3.25 per direct labor hour and fixed manufacturing overhead of $285,000 per period. Using 60,000 direct labor hours as the denominator activity, compute the predetermined overhead rate and break it down into variable and fixed elements.

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Answer 2

Textbook Question

Chapter 2, Problem 1MC

Which of the following is the primary source of revenue for a service business?

A. the production of products from raw materials

B. the purchase and resale of finished products

C. providing intangible goods and services

D. the sale of raw materials to manufacturing firms

Expert Solution & Answer

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer to Problem 1MC

C. Providing intangible good and services

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

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Answer 3

Textbook Question

Chapter 2, Problem 1MC

Which of the following is the primary source of revenue for a service business?

A. the production of products from raw materials

B. the purchase and resale of finished products

C. providing intangible goods and services

D. the sale of raw materials to manufacturing firms

Expert Solution & Answer

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer to Problem 1MC

C. Providing intangible good and services

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

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Answer 4

Textbook Question

Chapter 2, Problem 1MC

Which of the following is the primary source of revenue for a service business?

A. the production of products from raw materials

B. the purchase and resale of finished products

C. providing intangible goods and services

D. the sale of raw materials to manufacturing firms

Expert Solution & Answer

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer to Problem 1MC

C. Providing intangible good and services

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer to Problem 1MC

C. Providing intangible good and services

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

Answer 8

Expert Solution & Answer

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer to Problem 1MC

C. Providing intangible good and services

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Concept introduction:

An organization can be classified into manufacturing or servicing firm. The activities done under manufacturing business are manufacturing, payment to the supplier, sales and receipts from the customer.

To choose:

The primary source of revenue for a service business.

Answer 12

Answer to Problem 1MC

C. Providing intangible good and services

Answer 13

Explanation of Solution

Explanation for correct answer:

The primary source of revenue for a service business is providing intangible good and services. Hence the correct option is C.

Explanation for incorrect answers:

A. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

B. The primary source of revenue for a service business is providing intangible good and services. Hence this option is incorrect.

D. The primary source of revenue for a service business is providing intangible good and services.. Hence this option is incorrect.

Answer 14

Ch. 2 - Which of the following is the primary source of...Ch. 2 - Which of the following is the primary source of...Ch. 2 - Which of the following is the primary source of...Ch. 2 - Which of the following represents the components...Ch. 2 - Which of the following represents the components...Ch. 2 - Which of the following represents the components...Ch. 2 - Conversion costs include all of the following...Ch. 2 - Which of the following is not considered a product...Ch. 2 - Fixed costs are expenses that...Ch. 2 - Variable costs are expenses that...

Which of the following is the primary source of revenue for a service business? A. the production of products from raw materials B. the purchase and resale of finished products C. providing intangible goods and services D. the sale of raw materials to manufacturing firms

Answer to Problem 1MC

Explanation of Solution

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