Of the Following,which Best Explains the Difference Between Goods and Services

question 72

Multiple Choice

Of the following,which best explains the difference between goods and services?

• A)Services tend to be more intangible than goods.
• B)Services tend to be more expensive than goods.
• C)Services are composed of objects or things while goods are a deed or a performance
• D)Services have products in the form of pre-produced solutions to customer's problems while goods have processes as solutions to such customer problems.
• E)Services are not perishable while goods are.

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Definitions:

Transactions On Account

Financial activities that are recorded on credit, affecting accounts payable or receivable without immediate cash exchange.

Equipment On Account

The acquisition of equipment that is recorded on credit, where payment is deferred to a later date.

Recording Process

The systematic documentation of a company's financial transactions in the appropriate accounts of its accounting system.

Debit Entries

Bookkeeping entries that increase assets or expenses, or decrease liabilities, equity, or income.