1. A service company provides intangible services to customers and does not have inventory.

Group of answer choices

True

False

2.Which is the best example of an account included to arrive at income from operations calculation? (Hint: Deducting operating expenses from gross margin.)

3.

During the closing of the books process, net income or net loss is added or subtracted to (from) which account?

Group of answer choices

a. assets

b. liabilities

c. retained earnings

d. cash