Which Organization Is Responsible for Classifying All Businesses and Collects

question 12

Essay

Which organization is responsible for classifying all businesses and collects and publishes data about them by using North American Industry Classification System codes?

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Definitions:

Cost of Goods Sold

An expense representing the total cost of materials and labor directly associated with the production of goods sold by a business.

Merchandise Inventory

The goods a company intends to sell to customers that are considered current assets on the balance sheet.

Gross Profit

The difference between sales revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.

Accounts Receivable

Represents money owed to a business by its customers for goods or services delivered on credit.