Which of the following statements regarding the differences between managerial accounting applications for manufacturing and service...
Which of the following statements regarding the differences between managerial accounting applications for manufacturing and service companies is not true?
a.Service companies require a physical production site.
b.Overhead is an indirect cost incurred in serving customers in a service company.
c.Labor may be a direct cost to customers for a service firm.
d.Service companies may use cost of services on the income statement rather than cost of goods sold.
Homework Answers
Answer
- Correct Answer = Option [a] Service companies require a physical production site is NOT A TRUE statement.
- This is because service companies are engaged in providing services to their customers/clients.
- Providing services does not require a physical production site, because no production is generally involved in relation to the rendering of the services.
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