What Is the Difference Between Consumer Goods and Consumer Services

question 142

Essay

What is the difference between consumer goods and consumer services? Give an example of each.

---

Definitions:

Straight-Line Method

A method of calculating depreciation by evenly spreading the cost of an asset over its useful life.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Straight-Line Method

A method of calculating depreciation or amortization by evenly allocating the cost of an asset over its useful life.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the correct period for accurate financial reporting.