Question

the difference between the accounts of a manufacturing company versus a service company is that the service company will not have work in process or finished goods inventory accounts as do manufacturing companies. this statement is

Answer 1

the difference between the accounts of a manufacturing company versus a service company is that the service company will not have work in process or finished goods inventory accounts as do manufacturing companies. this statement is true.

In accounting, an account is a general ledger record used to sort and store transactions. For example, a company has a cash account that records all transactions that increase or decrease the company's cash balance. In accounting, accounts refer to assets, liabilities, income, expenses, and equity represented on individual ledger pages. Value changes are recorded chronologically with debit and credit entries.

There are three types of accounts. Real accounts - related to assets and liabilities. Personal accounts are not included. We publish a foreword each year. Personal Accounts - Connect personal, company, and association accounts. Nominal Accounts - refers to all income, expense, loss, and profit accounts.

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