The major differences between service companies and retail or manufacturing companies is that retailers and manufacturers must account for:

1. Inventory: Retailers and manufacturers have physical products that they sell. These products are their inventory, and they must keep track of how much they have, how much it costs, and how much they sell.

2. Cost of Goods Sold: This is directly related to inventory. The Cost of Goods Sold (COGS) is the cost of producing the goods sold by a company. This includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good. It excludes indirect expenses such as distribution costs and sales force costs. Retailers and manufacturers need to calculate this to determine their gross profit.

Service companies, on the other hand, do not have physical products and therefore do not have to account for inventory or cost of goods sold. Their primary costs are labor and overhead, not products.

Current assets and liabilities are accounted for in all types of companies, including service, retail, and manufacturing companies. These are part of the basic financial statements that all companies need to prepare.

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The major differences between service companies and retail or manufacturing companies is that retailers and manufacturers must account for:

1. Inventory: Retailers and manufacturers have physical products that they sell. These products are their inventory, and they must keep track of how much they have, how much it costs, and how much they sell.

2. Cost of Goods Sold: This is directly related to inventory. The Cost of Goods Sold (COGS) is the cost of producing the goods sold by a company. This includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good. It excludes indirect expenses such as distribution costs and sales force costs. Retailers and manufacturers need to calculate this to determine their gross profit.

Service companies, on the other hand, do not have physical products and therefore do not have to account for inventory or cost of goods sold. Their primary costs are labor and overhead, not products.

Current assets and liabilities are accounted for in all types of companies, including service, retail, and manufacturing companies. These are part of the basic financial statements that all companies need to prepare.

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The major differences between service companies and retail or manufacturing companies is that retailers and manufacturers must account for:

1. Inventory: Retailers and manufacturers have physical products that they sell. These products are their inventory, and they must keep track of how much they have, how much it costs, and how much they sell.

2. Cost of Goods Sold: This is directly related to inventory. The Cost of Goods Sold (COGS) is the cost of producing the goods sold by a company. This includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good. It excludes indirect expenses such as distribution costs and sales force costs. Retailers and manufacturers need to calculate this to determine their gross profit.

Service companies, on the other hand, do not have physical products and therefore do not have to account for inventory or cost of goods sold. Their primary costs are labor and overhead, not products.

Current assets and liabilities are accounted for in all types of companies, including service, retail, and manufacturing companies. These are part of the basic financial statements that all companies need to prepare.

Major differences between service companies and retail or manufacturing companies is that retailers and manufacturers must account for (Select all that apply.)Multiple select question.current assets.liabilities.inventory.cost of goods sold.

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