Describe the major differences in preparing the financial statements for a service business and a merchandising business. 
Definitions:
Concentration Ratios
Measures that indicate the extent of market control by leading firms in an industry, typically expressed as a percentage of total industry sales or output.
Imported Products
Goods or services brought into one country from another for sale, which can diversify consumer options and contribute to economic dynamics.
Interindustry Competition
The competition for sales between the products of one industry and the products of another industry.
Concentration Ratios
A measure used in economics to assess the extent to which a market or industry is dominated by a few largest firms.
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