Explain the differences in managerial and financial accounting for a clothing retailer.  Please provide example

Q: Manufacturing Accounting is different from Financial Accounting...what is the  nature and purpose of…

A: Departmental accounting is system of bookkeeping where the transactions of all the departments…

Q: in how management accounting may differ for each of these types of businesses, service,…

A: Management accounting approaches differ widely depending on the sort of business, whether it is a…

Q: Explain the type of inventory in the manufacturing companies, service companies and merchandise…

A: Classification and uses of inventories in manufacturing companies, service companies and the…

Q: Briefly explain the financial and/or managerial decisions that are made from creating a sales order…

A: Creating a sales order and a payment receipt are two critical documents in any business. The sales…

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: "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: 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: 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: 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: The understanding of the accounting for any type of business entity is very important. While there…

A: Those business organizations which are engaged in purchases of finished goods from the manufacturing…

Q: What is recording transactions in Merchandising concern?

A: Merchandise refers to the those transaction which are concerned with stock, purchase transactions,…

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

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

Q: Distinguish among the types of inventory accounts for merchandising and manufacturing companies.

A: Merchandising firm means a firm which only deals in sale and purchase of a commodity but do not…

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: Define and explain subsidiary ledgers in merchandising business?

A: Subsidiary ledgers are the ledgers that contain information about specific control accounts in…

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

A: To discuss the difference in the operating cycle of merchandising and service business we must…

Q: Given that the data analyses in the question involving Spencer’s cost of goods sold, the accountants…

A: Given that the data analyses in the question involving Spencer’s cost of goods sold, the accountants…

Q: Identify and discuss three differences between accounting for service businesses and accounting for…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: The accounting department for Target Stores may be classified as a(n)     profit center.…

A: Accounting department is a department in the organisation which is responsible for all the…

Q: What is the difference between financial reporting information for a merchandising firm and…

A: FINANCIAL REPORTING mainly considered as a standard accounting practice that takes the help of…

Q: What is the primary distinction between a service company and a manufacturing or merchandising…

A:

Q: Write a report on the Use of Managerial Accounting in businesses.

A: There are 3 branches of accounting : Financial Accounting Management Accounting Cost Accounting.…

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: 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: breifly discuss about the financial balance sheet and income statement reports of the company. why…

A: The process of making tactical, strategic, and operational decisions that impact the movement of…

Q: Assess the objectives of financial management and the role of different stakeholders in the…

A: By projecting your revenue and expenses, you can get a more accurate view for how successful your…

Q: Which of the following costs is most likely to be directly traceable to a specific department in a…

A: The correct answer is Option “C”

Q: Operations Product (or service) Channels Production Key Partners Product (or service) Production…

A: Clothing business - I have a Fashion design and manufacturing industries that was established in…

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: Describe how the income statement of a manufacturing company differs from the incomestatement of a…

A: The income statement is a statement that encompasses all the revenues and expenses for the year. The…