How does reporting information for a merchandising company differ from financial reporting for a service organization?

Q: When a merchandising business is compared to a service business, the financialstatement thatis…

A: Merchandising business: It is a set of activities we do to sell our product and services to the…

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: 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: 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 would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

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: 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: 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 are some examples on the types of costs that the accounting systems might not record but…

A: following are the types of costs that are not recorded in the accounting system but companies do…

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: hat account does a merchandiser use that a service company does not use?

A: Merchandiser deals in purchasing and selling products to customer whereas  a service company deals…

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: What aspects of accounting for inventory on financial statements would be of interest to…

A: Inventory accounting is the term used for valuing and accounting for the assets that are recognized…

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: 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: 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: How is the accounting cycle different for a merchandising operation, as compared to a service…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

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: Explain how a retailing firm would determine the cost of goods sold during an accounting period.

A: Retailing firms are those firms that are run for the prime purpose of earning profits. The cost of…

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: Explain the differences in managerial and financial accounting for a clothing retailer.  Please…

A: The management accounting is generally created for a firm's internal audience, whereas financial…

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: Two categories of expenses for merchandising companies are

A: Option d

Q: Why may companies not be indifferent to purchase and pooling accounting?

A: Answer:-  Pooling accounting:- The accounting procedure known as "pooling of interest" dictated how…

Q: Under what conditions should a company disclose the amount of sales from a major customer?

A: Sales: A sale refers to a transaction that take place between two parties where a buyer receives…

Q: Is The Company Under Armour a merchandiser or a manufacturer? Please answer it in depth.

A: The company Under Armour is primarily a manufacturer. Under Armour designs, develops, manufactures,…

Q: Which of the following accounts is used in merchandising but not in service type of business?…

A: Service company deals with the intangible product whereas merchandise company buys tangible product…

Q: Which of the following types of companies may be the least likely to carry inventory on its balance…

A: Inventory:- A company that owns raw materials, work in progress, and finished goods that are…

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…

Q: Why Gross sales is important in a Company?

A: Gross sales: Gross sales is a metric for the total sales of the company, that are unadjusted for the…