_____ Refers to Services That Are Perishable And, Unlike Physical

question 190

Short Answer

_____ refers to services that are perishable and, unlike physical products, cannot be stored in inventory.

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Definitions:

Owner Invests

occurs when the owner of a business contributes assets, commonly in the form of cash or equipment, into the business for its use.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders, often used for reinvestment.

Revenue

Income generated from normal business operations and includes discounts and deductions for returned merchandise.

Accounts Payable

Liabilities of a business that represent amounts owed to creditors for goods and services received but not yet paid for.