Select the incorrect statement regarding service companies. Multiple Choice A.Understanding the cost of providing a service is just as important as knowing the cost of making a product. B.Service comp...
Select the incorrect statement regarding service companies.
Multiple Choice
A.Understanding the cost of providing a service is just as important as knowing the cost of making a product.
B.Service companies accumulate their service costs in a Work in Process Inventory account similar to manufacturers.
D.Service companies do not maintain a Finished Goods Inventory account.
C.Service companies may have raw material costs.
Homework Answers
Ans B.Service companies accumulate their service costs in a Work in Process Inventory account similar to manufacturers.
Services does not contain any finished goods inventory or work in process inventory as service part cannot be calculated exactly.
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