Question

accounting for professional service firms differs from manufacturing mainly because: a. there are no materials used...

accounting for professional service firms differs from manufacturing mainly because:

a. there are no materials used in services

b. services are heterogeneous

c. there is no inventory in services

d. services are intangible

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Accounting for professional service firms differs from manufacturing mainly because:


The correct answer is OPTION D i.e services are intangible.


Explanation

Services are such type of output which are intangible. These cannot be held or touched physically (which means they are intangible).

Even though, there is no inventory is used in services. But still the very main difference between professional service firms and manufacturing firm is that " services are intangible "

Other options like :

  • there are no materials used in services
  • services are heterogeneous
  • there is no inventory in services


are not much relevant for considering the difference.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
describe how opertion management differs is manufacturing firms versus service firms ? provide specific examples. in*
describe how opertion management differs is manufacturing firms versus service firms ? provide specific examples. in*
Two firms can be in the same business, but approach service delivery from a different perspective....
Two firms can be in the same business, but approach service delivery from a different perspective. Heterogeneous services are those with similarities, but significant differences, homogeneous services try to provide each customer the same product. For example: Type of service Heterogeneous Homogeneous Haircut Tavani Salon & Spa Coachlite Cutters Burger Amway Grand McDonalds Home Custom designed Manufactured housing Pick one of the services.   Identify the similarities and differences between the two services, Are the input, processes, and outputs the same...
Transfer prices are needed when: Question 14 options: A) firms purchase raw materials from other firms....
Transfer prices are needed when: Question 14 options: A) firms purchase raw materials from other firms. B) consumers sell goods and services to one another. C) markets must be simulated within firms. D) products are bundled and sold as a package. E) firms charge different prices to customers where there are no differences in production costs.
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory,...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory, May 1 $ 17,500 Direct materials inventory, May 31 14,700 Work-in-process inventory, May 1 8,300 Work-in-process inventory, May 31 6,000 Finished goods inventory, May 1 54,100 Finished goods inventory, May 31 71,100 Direct materials purchased during May 83,200 Direct labor costs, May 60,300 Manufacturing overhead, May 80,600 Required: a. Compute the total prime costs for the month of May. b. Compute the total conversion...
11. Direct Materials cost is debited to:    a. Raw Materials Inventory    b. Manufacturing Overhead     c. Cost...
11. Direct Materials cost is debited to:    a. Raw Materials Inventory    b. Manufacturing Overhead     c. Cost of Goods Sold     d. Direct Materials    e. Work in Process ____12. Beginning Finished Goods Inventory + X – Ending Finished Goods Inventory = Cost of Goods Sold.   What is X?    a. Direct Materials    b. Manufacturing Overhead   c. Cost of Goods Manufactured    d. Beginning Work in Process Inventory ____13. One way to calculate the Predetermined Overhead Rate is: a. estimated MO divided by estimated Direct...
1. True or false. The main driver of indirect costs for service firms is usually labor...
1. True or false. The main driver of indirect costs for service firms is usually labor hours. 2. How do you calculate allocated manufacturing overhead to a certain job? a. By multiplying the total estimated manufacturing overhead by the total estimated allocation base to be used b. By multiplying the predetermined manufacturing overhead rate by the estimated allocation base to be used by the job c. By multiplying the estimated manufacturing overhead rate by the actual allocation base used by...
Identify whether each of the below costs are direct materials, direct labor, manufacturing overhead, or period...
Identify whether each of the below costs are direct materials, direct labor, manufacturing overhead, or period costs. a) Advertising to sell the product b) Shipping costs for raw materials coming from a supplier c) Shipping costs for goods shipped to a customer d) Chief executive officer’s salary e) Production supervisor’s salary f) Depreciation on production equipment g) Raw materials used in production h) Paper used by the accounting staff i) Maintenance of production equipment j) Commissions paid to salespeople k)...
since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing...
since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing units of product, these costs are debited to A.) The direct materials Inventory, Direct Labor, and Manufacturing overhead accounts B.) Expense Accounts C.) The cost of goods sold account. D.) The work in Process Inventory Account
5.        The master budget for governmental organizations differs from that of public companies because the budget for...
5.        The master budget for governmental organizations differs from that of public companies because the budget for governmental organizations provides the a. legal authorization for expenditures. b. organization’s authority to produce and provide services. c. organization’s authority to produce and sell goods. d. all of the above 6.        Who often encounter ethical dilemmas in the budgeting process because they are involved in the creation of the budget, and their performances are subsequently evaluated by comparing the budget to actual results? a. customers...
This is for my Accounting Information System Assignment A data model which is created mainly for...
This is for my Accounting Information System Assignment A data model which is created mainly for business users and contain a minimum of technical details is referred to as ..........? A. A physical Model B. A logical Model C. A Conceptual Model D. An abbreviated Model An Attribute that is used as a linkage from records in one table to a record in another table i specified as the .........? A. Pointer Field B. Foreign Key C. Secondary Key D....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT