1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the primary revenue account in a merchandising business? Can a merchandising business have a Service Income account? 3. What are the two systems of maintaining inventory? Briefly define each. 4. If you are going to put up a business, what type of business would you wan to establish? Why?

1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the primary revenue account in a merchandising business? Can a merchandising business have a Service Income account? 3. What are the two systems of maintaining inventory? Briefly define each. 4. If you are going to put up a business, what type of business would you wan to establish? Why?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 10Q: Choose a company and explain how a specific issue, policy, or procedure (for example, granting...

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