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With regard to accounting for a merchandising company versus a service company, which of the following is false? A. Service companies do not show a

With regard to accounting for a merchandising company versus a service company, which of the following is false?

A. Service companies do not show a cost of goods sold account on their income statements.

B. Merchandising companies do not have inventory.

C. There are just as many steps in the accounting cycle for both types of companies.

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