Is there a significant difference between adjusting and closing for a service firm and a merchandise company?

Q: The business needs to record the trade discount in the book of account”. Question Do you agree…

A: Discount means the amount which is not required to be paid or received. Discount is deducted to find…

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: Which of the following will be called as an expense of a Merchandise business? a. Sale of…

A: a.) Sale of merchandise inventory means sales of goods so it is and income. b.) Trade discount is…

Q: When a customer returns goods, the merchandiser will:

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

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: In the preparation of the worksheet of a merchandising business, the ending balance of the…

A: Merchandise inventory is the current assets, goods purchased or manufactured with the purpose of…

Q: Under accrual accounting, when should a company that sells merchandise to customers recognize…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

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: What is difference between accounting for a long-term contract and accounting for a more normal sale…

A: Sale Revenue is recognized when the goods are actually dispatched and delivered to the customer. In…

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: When does a company typically recognize revenue for a bill-and-hold sale?

A: Bill and hold agreements represent a sales arrangement in which the buyer pays for the item or items…

Q: What are the ways that payments by a seller to a customer is done?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Can a business change from one inventory costing method to another any time they wish? Explain.

A: change in the method of valuation of inventory is a change in accounting principle.  for example…

Q: Do you think that the role of Accounting is very important in a Merchandise business? If yes,…

A: SOLUTION- A merchandising business buys goods in finished form for resale to customers. A…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

Q: ) Is the accounting cycle in a merchandising operations different from a service operations?…

A: 1) yes the accounting cycle in a merchandising operations is different from a service operations .…

Q: When should a seller view a payment to its customer as a refund of part of the price paid by the…

A: Revenue recognition principle:   The revenue recognition principle refers to the revenue that…

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: procedure will complete the purchase procedure in a company?

A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…

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: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…

Q: When a store purchases merchandise, why are individual departments not allowed to directly deal with…

A: Internal control helps an organization to safeguard its objectives. It helps to reduce risk and…

Q: Which of the following functions is not included in the typical expenditure cycle involving goods?…

A: Expenditure cycle refers to specific period related to acquisition of and payment of goods and…

Q: Explain the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…

A: The journal entries are prepared to record daily transactions of the business.

Q: Which of the following statements is true about a retail business? The operating cycle for a…

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: Explain the difference between the income statements of a merchandiser & a manufacturer

A: 1. Income Statement - An income statement is a statement that shows the revenue earned and expenses…

Q: True or False. Closing entries for a merchandising business are not similar to those for a service…

A: The solution for the above question is shown below.

Q: Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B.…

A: FOB (Freight on Board) Destination seems to be a shipping terminology that signifies the seller…

Q: What is the difference in the operating cycle of a service provider and a merchandiser?

A: Operating cycle is defined as the amount of time the company requires to use its cash in order to…

Q: In comparing the accounts of a merchandising company with those of a service company, what…

A: Perpetual inventory system:- It is the system in which sales and purchase of inventory is a…

Q: Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human…

A: Selling expense is the expense which involves any kind of cost that is incurred through the…

Q: 1) What distinguishes a retail business from a service business

A: Introduction:- Retail business is completely different from Service business. Retail business mean…

Q: A retailer using a perpetual inventory system will make a. the same number of adjusting entries as a…

A: Service firms do not require to maintain detailed records inventory as they do not have multiple…

Q: Which of the following items would not appear in the operating section of the multiple−stepincome…

A: In this question covered the concept of Multiple Income Statement .  Multiple Income Statement…

Q: Which of the following statement is False for Multi-step income statement of a merchandise business?…

A: Net income is referred to the income earned by an organization or an individual proprietor after…

Q: Which of the following statements is true about a purchase order? O a. It is a company's written…

A: The Purchase Order (PO) is a business document and the first official bid issued to a seller by the…

Q: The revenue account for a merchandising business is typically called ___________. Group of answer…

A: Solution: Merchandise business generally involves purchase and sales of merchandise. It is a type of…