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9. The main difference between the SFP of a service company and of a merchandising company lies on the inventory account. 18. Contra sales accounts are found on the opposite side of the sales account. * 3. The SFP provides the results of the company's operations on a specific date. *

9. The main difference between the SFP of a service company and of a merchandising company lies on the inventory account. 18. Contra sales accounts are found on the opposite side of the sales account. * 3. The SFP provides the results of the company's operations on a specific date. *

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9. The main difference between the SFP of a service company and of a merchandising company lies on the inventory account. * 18. Contra sales accounts are found on the opposite side of the sales account. * 3. The SFP provides the results of the company's operations on a specific date. * 4. The "as of" in the SFP heading or title tells the reader that the balances reported on the SFP is the net effect of all transactions related to specific account from the date of the establishment of the company up to the date of the SFP. *
Transcribed Image Text:9. The main difference between the SFP of a service company and of a merchandising company lies on the inventory account. * 18. Contra sales accounts are found on the opposite side of the sales account. * 3. The SFP provides the results of the company's operations on a specific date. * 4. The "as of" in the SFP heading or title tells the reader that the balances reported on the SFP is the net effect of all transactions related to specific account from the date of the establishment of the company up to the date of the SFP. *
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