Why is it important that you have a firm grasp on how costs are accounted for in service industries?

Select an answer:

• Service industries are relics that still exist from a former and failed sector of the US economy.

• Service industries do not have overhead and labor costs when selling their services.

• Service industries are the fastest growing sector of the US economy.

• Service industries have nothing in common with manufacturing companies.

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2)

empWorld provides accounting professionals as temporary workers to companies. Which cost is a period cost? BAD QUESTION -

Select an answer:

• the cost of newspaper advertising

• the rent paid on the local TempWorld office

• the TempWorld office manager's salary

• the money paid to temporary workers by TempWorld

• 3)

  Merchandising firms utilize a purchase budget instead of a _____.

  Select an answer:

• production budget

• administrative expense budget

• sales budget

• selling expense budget