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Service businesses can be classified as wholesalers and retailers. A merchandiser's operating cycle concludes with the sale of goods. The operating cycle is the average
Service businesses can be classified as wholesalers and retailers. A merchandiser's operating cycle concludes with the sale of goods. The operating cycle is the average days' inventory on hand minus the average number of days to collect credit sales. The operating cycle involves the purchase and sale of merchandise inventory as well as the subsequent collection of cash from credit sales. A sale takes place when title to the goods transfers to the buyer. All of the following must certify that a public company's financial statements are accurate, complete, andnot misleading, except for the chief financial officer. director of human resources. chief executive officer. independent auditor. General-purpose external financial statements are not primarily intended for management. investors. suppliers of goods and services. lending institutions. Financial statements are audited by outside accountants because it is a requirement stated in the Internal Revenue Code. only when fraudulent financial reporting is suspected. who then report on whether or not the company is a good investment
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