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Why is accounting a service industry?
because it provides support but no tangible goods
What are the differences between Absorption Costing and Variable Costing?
VARIABLE COSTING VERSUS ABSORPTION COSTINGAbsorption costing applies all manufacturing overhead to production costs while they flow through Work-in-Process Inventory, Finished-Goods Inventory and expenses on the income statement while Variable Costing only applies variable manufacturing overhead.Fixed manufacturing overhead is expensed immediately as it is incurred under variable costing while it is inventoried until the accounting period during which the manufactured goods are sold under absorption costing.
What are the purposes of costing?
One purpose of costing is to determine what resources, and in what quantities, are required to provide the goods or services. A second purpose is to provide a guide to resource usage monitoring.
When job order costing system would be more appropriate than process costing system?
A job order costing system would be more appropriate than a process costing system for manufacturers who use different types of goods throughout the manufacturing process. Process costing is best to you when manufacturing a large amount of the same items.
What does the mean costing mean and what are the importance of costing?
Mean costing, often referred to as average costing, is a method of inventory valuation that calculates the average cost of goods available for sale during a specific period. This approach helps businesses determine the cost of goods sold and inventory value, providing a consistent method for financial reporting. The importance of costing lies in its ability to aid in pricing decisions, budget management, and profitability analysis, ultimately enhancing financial control and strategic planning for organizations. Accurate costing ensures businesses can make informed decisions that impact their overall financial health.
Is service a product?
A service is a product. But it is not a tangible good. However, even tangible goods are valued only because of their services to man.
Why is accounting a service industry?
because it provides support but no tangible goods
What is the difference between goods ans service contract?
A contract for goods is about purchasing tangible items, such as apples. A contract for a services is about contracting for a service to be completed, such as tax preparation.
What are the characteristics of services compared with goods?
Goods are a tangible item where services are not tangible that provide a value to a consumer.
Is iTunes a goods-producing business or a service business?
It is a service business. The reason why is because a goods producing business are tangible things that have a physical presence (i.e. Pop Tarts, School funiture) Service Business also can include insurance and tranportation, and finally itunes..
What are the example of tangible service?
her are the some example of the tangible services that are thepurchasing goods raw material etc.by kashif ali akash rajamba 5th semesterfrom bzu sahiwal sub campus+923156741668+923364305088
Difference between tangible goods versus marketing services?
Marketing services are services that are offered to market products. Tangible goods are actual, physical goods that are sold by businesses.
What is tangible items that business sell?
goods
What are the similarities between goods and services?
goods are tangible and transferable , services are not
What is the different between good and services?
A good is a tangible material you can purchase. A service is when you pay for someone to do something for you, like an oil change or a hair cut.
What is captive costing?
it is a hidden cost which is kept by producer of goods
3 types of business and organization and differentiate?
* service * merchandising or trading * manufacturing service companies- these are companies that do deal with tangible products, but rather provides some sort of service as its major operation. merchandising companies- are involved in selling of finished goods produced by other business. * wholesale merchandiser- is a company that buy its product from the manufacturer and then sells the product to the company that eventually sells it to the consumer. * retail merchandiser- is a company that buy its product from a wholesales or manufacturer and then sells the product to the end consumers. manufacturing companies- are involved in the conversion of raw material into some tangible,physical product.
