At One Time Growth in Service Employment Was Seen as Replacing

question 1

Multiple Choice

At one time growth in service employment was seen as replacing manufacturing jobs. But this need not be the case because:

• A) manufacturing needs services
• B) many services are encapsulated in manufactured goods
• C) service jobs have grown because people do less for themselves
• D) many services have little to do with manufacturing

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Definitions:

Accrual Basis Accounting

An accounting method where revenues and expenses are recorded when earned or incurred, regardless of when the cash transactions occur.

Statement of Retained Earnings

A financial statement that shows the changes in a company's retained earnings over a specific period.

Net Income

The remaining profit of a company post deduction of all expenses, taxes, and costs from its total revenues.

Unearned Revenues

Income received by a company for goods or services to be provided in the future, which is recorded as a liability until earned.