Chart of accounts for a merchandising business vs service business

Asked by admin @ in Business viewed by 280 People

A chart of accounts for a merchandising business a.usually is standardized by the FASB for all merchandising businesses b.usually is the same as the chart of accounts for a service business c.always uses a three-digit numbering system d.usually requires more accounts than does the chart of accounts for a service business

Answered by admin @


Answer:

A chart of accounts for a merchandising business

d. usually requires more accounts than does the chart of accounts for a service business.

Explanation:

A merchandising business will require many accounts to account for inventory movements, costs, and revenue from the sale of inventory.  These accounts are not applicable to a service business.  Therefore, the chart of accounts for a service business will not require many accounts.  


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