Which of the following is a difference between the financial statements of a merchandising company and a service company?
a : a merchandising firm uses a multiple step income statement while a service firm uses a single step income statement.
b : a merchandising firm has an expense titled cost of goods sold, while a service firm does not.
c : a service firm has an asset titled supplies, but a merchandising firm does not.
d : a merchandising firm has an asset titled cost of goods sold, but a service firm does not

The correct option is (B)

Explanation:

Cost of goods sold the cost attributed to goods produced by the organization.  Cost of goods sold is incurred by organizations that manufactures a tangible product. Service firms do not incur any cost on goods sold as they do not need any raw material to manufacture goods.

Cost of goods sold is an expense and not an asset as it is a cost incurred to manufacture assets for the organization.

Therefore, correct option is (B)

answerpounds of plastic to purchase 200+60-20=(240);

-the personal ownership of property

-the influence of consumer demand

explanation:

the command economy prohibits the personal ownership of property.

basically, command economy is defined as the system where a nation’s government is the one that makes all the decisions when it comes to its economy. the government is the one who controls the production of goods and services and regulates the prices and salaries.

therefore, since that the government is the authority, then all kinds of personal ownership of property is prohibited by them.