Which of the following is not a difference between a retail business and a service business?

a. inventory included on the balance sheet

b. in what is sold

c. accounting equation

d. the inclusion of gross profit on the income statement

Question

Business

Maya

16 July, 14:31

Which of the following is not a difference between a retail business and a service business?

a. inventory included on the balance sheet

b. in what is sold

c. accounting equation

d. the inclusion of gross profit on the income statement

+3

Answers (1)

Know the Answer?

Gideon Everett · Answer 1

The correct answer is c. accounting equation.

Explanation:

The accounting equation is an equality that must be fulfilled in any type of organization, regardless of its nature, since it is made up of the main items that are affected in accounting such as: Assets, Liabilities, Equity. These accounts make up the entity's balance sheet, which summarizes the financial situation in which it is in a given period.

Which of the following is not a difference between a retail business and a service business?a. inventory included on the balance sheetb. in what is soldc. accounting equationd. the inclusion of gross profit on the income statement

Which of the following is not a difference between a retail business and a service business?

a. inventory included on the balance sheet

b. in what is sold

c. accounting equation

d. the inclusion of gross profit on the income statement