What is the distinction between service and merchandisingcompanies?

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: Explain the difference between service company and manufacturing company.

A: Explain the difference between a service company and a manufacturing company.   Service Company:…

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: Discuss the difference in the operating cycle of merchandising and the service business

A: The operating cycle of merchandising and the service business will be explained :

Q: Distinguish between manufacturing-, merchandising-, and service-sector companies?

A: Manufacturing companies are the  ones which procure raw materials and carry out manufacturing…

Q: Define the Term Skilled Producers & Sophisticated Consumers?

A: Sophisticated Customer:   A sophisticated customer refers to a customer who is aware regarding the…

Q: How are process costing and the FIFO method of inventory related?

A: Inventory valuation is an accounting practice adopted by the company to determine the value of the…

Q: Why is it important to compare standard and actual food and beverage costs?

A: The capacity to assess genuine costs and margins is essential for every organization, particularly…

Q: What is the relationship between process costing and the FIFO method of inventory

A: Accounting uses both process costing and the FIFO (First-In, First-Out) technique of inventory, but…

Q: Which of the following accounts is NOT considered an Inventory account? Multiple Choice Indirect…

A: Lets understand the basics.inventory has mainly a three types which are,(1) Raw material inventory…

Q: with what internal and external entities does the purchasing process interact?

A: The purchasing process is a key function within an organization that involves buying goods and…

Q: Explain Operating Cycle of a Typical Merchandising or Manufacturing Company.

A: Operating cycle: The operating cycle is the period of time which is required to meet the initial…

Q: Identify and explain the additional accounts that the merchandising company likely to use as…

A: A service company is a business that generates income by providing services instead of selling…

Q: what primary functions does the purchasing process perform? Explain

A: The first function of the purchasing process is the identification of the requirement. This involves…

Q: Define the term merchandiser.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…