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Service Industries Are Everywhere

question 89

Multiple Choice

Service industries are everywhere.They include the government sector,private nonprofit sector,business sector,manufacturing sector,and the ________.


Definitions:

Purchases

In accounting, refers to the acquiring of goods or services that are necessary for the operation of a business or for resale.

Cost Of Merchandise Sold

The total cost of acquiring or manufacturing the goods that were sold to customers during a period.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, preparing the books for the next period.

Customer Refunds Payable

A liability account representing the amount of money owed by a company to customers for returned goods or cancelled services.

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