4. Which of the following in NOT a difference between a retail business and a service...

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4. Which of the following in NOT a difference between a retail business and a service business? a. In what is sold b. The inclusion of gross profit in the income statement Accounting equation d. Merchandise inventory included in the balance sheet s. The statement of owner's equity shows a. Only net income, beginning and ending capital b. Only total assets, beginning and ending capital C. Only net income, beginning capital, and withdrawals d. All the changes in the owner's capital as a result of net income, net loss, additional investments, and withdrawals FRI Under a periodic inventory system a. Accounting records continuously disclose the amount of inventory b. A separate account for each type of merchandise is maintained in a subsidiary ledger c. A physical inventory is taken at the end of each period d. Merchandise inventory is debited when goods are returned to vendors 4. Which of the following in NOT a difference between a retail business and a service business? a. In what is sold b. The inclusion of gross profit in the income statement Accounting equation d. Merchandise inventory included in the balance sheet s. The statement of owner's equity shows a. Only net income, beginning and ending capital b. Only total assets, beginning and ending capital C. Only net income, beginning capital, and withdrawals d. All the changes in the owner's capital as a result of net income, net loss, additional investments, and withdrawals FRI Under a periodic inventory system a. Accounting records continuously disclose the amount of inventory b. A separate account for each type of merchandise is maintained in a subsidiary ledger c. A physical inventory is taken at the end of each period d. Merchandise inventory is debited when goods are returned to vendors

Answer rating: 100% (QA)

ANSWER 1 C Accounting equation The accounting equation states that a companys total assets are equal to the sum of its liabilities and its shareholders equity This straightforward relationship between ... View the full answer