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After Steve was asked how his summer break was,he offers the following reply: "My summer was great.Yes,great as the Great Wall of China.China is one place I have never been.I sure do like to travel.My brother used to work for a travel agent a long time ago.It sure has been a long time since I've seen my sister." His reply is an example of
Cost of Goods Sold
An accounting term for the direct costs attributable to the production of the goods sold by a company.
Service Business
A type of business that primarily offers intangible goods or services to consumers, such as consulting, legal advice, and maintenance services.
Merchandising Business
A type of business that makes profit by buying goods at a wholesale price and selling them at a retail price, primarily dealing in goods rather than services.
Financial Statements
Financial statements are records that provide an overview of a company's financial performance and position, typically including the balance sheet, income statement, and statement of cash flows.
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