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Explain what accounting is and why financial reporting exists.
Production Costs
The total expenses incurred in the process of producing goods or services, including raw materials, labor, and overhead.
Professional Services
Expert services provided by qualified professionals such as lawyers, accountants, and consultants.
Service Shops
Businesses that provide professional or technical services rather than products, often requiring specialized labor or skills.
Mass Services
Services provided on a large scale to a broad population where individual customer interactions are relatively uniform and low in complexity.
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