Which of the following statements is true about a retail business? The operating cycle for a service business differs from the operating cycle for a retail business in that a service business must purchase merchandise for sale to customers.   The revenue activities of a retail business involve rendering services to customers.   The operating cycles of retail businesses and service businesses are exactly the same.   The revenue activities of a retail business involve the buying and selling of merchandise.

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: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: What additional accounts would you expect to find in a manufacturing firm and how do they relate to…

A: 1) Purchase return account= It denotes the return of purchases made during the year. Relation to…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: What distinguishers a retail business from a service business?

A: The primary distinction between a retail business and a service business lies in the nature of the…

Q: Which type of company would report merchandise inventory as a line item on their balance sheet?…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

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: Discuss the difference between the multiple-step and single-step forms of the income statement.…

A: The income statement is a financial statement that reports a company's revenues, expenses, and net…

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

A: Services business: A business that provide services to its customers is called service business.…

Q: Internet companies that simply act as agent or broker for the transfer of goods can record revenue…

A: Internet companies that simply act as agent or broker for the transfer of goods , act in the…

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

A: Solution- Business is any activity undertaken to earn profit. There can be three basic types of…

Q: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…

A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…

Q: Explain the difference(s) between a Retail operating cycle and that of Service operating cycle. Your…

A: Operating cycle refers to the average duration of time which is needed by a business to make an…

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: Why wouldn't a service business have a "Sales revenue" account?  They are just selling their…

A: THE REVENUE IS THE FIRST SECTION OF AN INCOME STATEMENT AND IT CONTAINS BOTH THE REVENUE GENERATED…

Q: Companies that buy and sell goods are called: O a. merchandising businesses. O b. service providers.…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: How can you discuss the need for liquidity to conduct business for a parts store to someone that…

A: Liquidity is a measurement of ability to pay it's short term obligations which are due within one…

Q: According to International Financial Reporting Standards (IFRS), which of the following is a key…

A: Recognizing revenue accurately is a fundamental aspect of accounting, ensuring financial statements…

Q: A merchandising business purchases goods for resale. A merchandiser makes a profit by selling goods…

A: Under the FIFO method, the cost of goods sold contains the cost of the earliest purchases. Under the…

Q: • Explain why there isn't there a "Cost of merchandise sold" expense for a service business.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: In large companies, the independent internal verification procedure is often assigned to O internal…

A: Professionals that work for an organisation to analyse and appraise its overall governance, risk…

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: I have a couple of questions. PLEASE answer thoroughly and explain.1) Are all types of revenue…

A: Dear student, as you have not mentioned the question number to be answered, so we are answering the…

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…