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

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: How is total cost of goods sold and the total amount billed to customers calculated?

A: A job cost sheet is a sheet which is used to record the manufacturing costs .

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories…

A: The major purpose of adopting VAT is to reduce the effects of multiple taxes and the cascading…

Q: 2. How would components of Revenues and Expenses differ between a merchandise company versus a…

A: a. Merchandise Company - This company does buy and sells of inventory from suppliers to customers.…

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: 1. Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business

A: Introduction:- A merchandising business, often known as merchandisers, is one of the most common…

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: Describe FOB shipping point and FOB destination. When does the buyer take ownership of the goods,…

A: Transportation Costs: The costs of delivering the merchandise inventory from the manufacturer to the…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

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: Discuss the role of conversion cycle for service and retailing entities

A: Transaction Cycles: The similar transactions of an organization are grouped together to form a…

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: Subsidiary ledgers in merchandising business?

A: A subsidiary ledger is a subset to the general ledger and it contains the details to support a…

Q: Define and explain subsidiary ledgers in merchandising business?

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

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: How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for…

A: Without selling price per unit, calculation of sales revenue is not possible with the given details.…

Q: When does sales revenue is recognized? When does sales revenue is recorded? Does recognize and…

A: The sales revenue is the amount of total sales made during the period.

Q: While reporting revenue, how a company should consider barter arrangement and discount?

A: Revenue Reporting: The process of accounting for revenue for a product you offer to a client is…

Q: Which financial statement will allow you to determine the gross margin for a ?retailer or…

A: Solution: Gross profit of a company is gross margin earned on sales before deducting operating…

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: how do you get sales revenue?

A: Required  How do you get sales revenue?

Q: How do we calculate cost of sales

A: The net sales are calculated as difference between sales and sales discounts.

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: WHAT IS THE COST OF SALES?

A: Cost of sales in the business means all costs that are directly incurred for the manufacturing of…

Q: What is meant by the term sales mix?

A: Sales Mix: Sales mix is the relative proportion or ratio of a business's products that are sold.…

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…

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 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: What are the differences between accounting for service companies and accounting for merchandise…

A: The Answer :

Q: In the income statement of a merchandising business, why do you think we have to categorize expenses…

A: Income Statement Income Statement shows company's revenues and expenses during a particular period

Q: Conceptually, how would you evaluate a quantity discount offerfrom a supplier?

A:

Q: What is Sales Mix and why is it used in retail operations?

A: Sales mix is the proportion of each product sold by a company as a percentage of its total sales.…

Q: Explain the difference between external transactions and internal transactions. If a company…

A: Difference between external events, and internal events:  • External events are the events which…

Q: Describe the operating cycle of a merchandiser.

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: what is the cost of sales?

A: Cost of sales are the cost incurred for producing the goods which is sold. The concept related to…

Q: Is a customer’s right to return merchandise a performance obligation of the seller? How should…

A: Right to return:   Right to return refers to the rights that are given by the seller when customer…

Q: What is the distinction between service and merchandisingcompanies?

A: Despite the fact that marketing organizations and administration organizations adjust to sound…

Q: What is the most common constraint faced by merchandisers?

A: Most common constraints faced by merchandisers are: Limited Display Space: Small stores find it…