How do the activities of manufacturers, merchandisers, and service businesses diffe

Q: Management accounting guidelines.  For each of the following items, identify which of the management…

A: Planning and Control Decision:Planning decisions involves selecting organization goals, estimating…

Q: How do the income statements of a manufacturing firm and a service firm differ?

A: Manufacturing firm is the one which is involved in the production of the products whereas service…

Q: Which of the following is NOT a reason for companies to assign costs to products or services?

A: We know that objective of every business is to attain profitability  Now, Profit for business is =…

Q: 1. "The steps in the accounting cycle for a merchandising company are different from the accounting…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

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: Cost and management accounting OA. require and entirely separate group of accounts than financial…

A: Cost and management accounting aids companies in determining the costs of materials, projects, and…

Q: What are the key differences in performing adjusting and  closing for a service company, versus a…

A: The key difference: Since service companies will not have inventory, so there no adjustment required…

Q: What are the possible problems associated with receiving goods ordered from a vendor/supplier?

A: Inventories are the stocks of the goods maintained by a company that can either be in the form of…

Q: Which of the following major activities of a business will result in product costs? Multiple Choice…

A: The costs that can be directly attributable to the produced goods are called product costs.

Q: Under what conditions must an enterprise provide information about products and services?

A: If operating segments of an enterprise have not been determined based on Differences in products and…

Q: The income statement of a merchandising company includesa major type of cost that does not appear in…

A:

Q: Differnce between selling price,cost of sales,labour cost in informal business

A: The products are produced with different expenses incurred as variable expenses and fixed expenses.

Q: How do service companies differ from manufacturing companies?

A: Company:   A company refers to an artificial judicial person created by a group of individuals who…

Q: Explain why, in most cases, a seller recognizes revenue when it delivers its product rather than…

A:

Q: How does the format of the income statement of a manufacturing entity differ from the income…

A: Statement of profit or loss is a statement which records revenue earned by the company during a…

Q: What is the difference between the selling price,cost of sales and labour costs of an informal and…

A: The abbreviations CP and SP stand for Cost Price and Selling Price, respectively. The cost price of…

Q: What is the distinctionbetween retail and wholesale merchandising companies?

A: The Distinction between Merchandising and Manufacturing Companies are given below as,

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: Describe the relationship between franchisor and franchisee.

A: Franchising is one of the marketing concept which is used to expand the business. Franchising is the…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: How do commercial businsses support the work of industrial business

A: Gaining profits is a primary motive for trading businesses mostly which can be treated as commercial…

Q: What is the chief difference between manufacturing and service industry firms?

A:

Q: (a) How are the components of revenues and expenses different for a merchandising company? (b)…

A: There are generally two types of business organisations-merchandising businesses which sale goods…

Q: Cost and management accounting A. require and entirely separate group of accounts than financial…

A: The prime aim of cost accounting is to assist or aid the management in a cost control structure and…

Q: What is the difference between cost of sales,selling price,labour costs in a formal business

A: Variable cost: It is the cost that changes with the change in level of unit

Q: What factors explain the differences in company performance in the same industry?

A: For firms within the same business sector like Mcdonalds, Starbucks, burger king, etc in the…

Q: What is cost of goods sold, how to calculate cost of goods sold for manufacturing, merchandising and…

A: 1.Cost of goods sold : it the the cost incurred or value of  goods which are sold.   2 Calculation…

Q: Difference between labour cost,cost of sales and selling price in informal and formal business

A: A formal business is a business that is well formalized and its goals are set and organized. Whereas…

Q: How would a business plan for a small manufacturing firm differ from one for a small retailing firm?…

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

Q: Required: Describe what this information indicates about the differences in approach between the two…

A: Personal services mean to focuses on the benefits of the company. These services include a higher…

Q: Which of the following represents the components of the income statement for a service business?…

A: For a service business, there is no goods that are purchased or sold. It only provide services to…

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

A: Cost of goods manufactured: Cost of goods manufactured can be defined as total cost incurred in…

Q: the differences between service business and merchandising business?

A: Merchandise business is a kind of business wherein revenues are earned by providing or selling goods…

Q: What is a reasonably foreseeable use of a productand why is it important to companies?

A:

Q: What is the purpose of Target Profit and why is it used in the Retail industry?

A: Targeted profit is the amount of profit that business executives expect to receive at the end of the…

Q: 28. The process of selling services or products to another business, which typically then sells to…

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Who are Self-service retailers?

A: Retailers: A retailer is an entity that sells merchandise like consumer goods, groceries, or cars…

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: Which of the following conditions would not indicate that two business segments should be classified…

A: Operating segments are the business components of an entity which earns revenue and incur expenses.…

Q: What is the distinction between service and merchandisingcompanies?

A: Despite the fact that marketing organizations and administration organizations adjust to sound…