Service Processes Can Be Classified by the Degree of Labor

question 56

True/False

Service processes can be classified by the degree of labor intensity and customization.

---

Definitions:

Debits and Credits

Accounting terms used to record changes in accounts, where debits are entries on the left side of an account and credits are entries on the right.

Adjusting Entries

Journal entries made at the end of an accounting period to update accounts for accuracies in preparation for financial reporting.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones.

End-Of-Period Spreadsheet

A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.