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Differences Accounting Services Company, Trade, and Manufacturing

Journal of accounting differences blog trade and manufacturing services company

In the business world, we will be introduced to three different kinds of businesses that would have minimal impact on the accounting form of financial recording. Three types of businesses that affect the accounting recording is trading companies, manufacturers, and service companies.

 

Trading companies obtain product inventory from suppliers in the form of finished products for resale. The company is only selling back and take the difference in sales as a business advantage. Manufacturing companies acquire products made from raw materials into raw materials or finished material. While the company does not have inventory services for marketing. But they are intangible products such as trading or manufacturing. Their products are visible in the form of the results of their services. Thus, in their accounting records will only be visible in parts inventory and purchase only. In other words, we can summarize as follows.
  

Trading Company


Manufacturing company


Service Company

Stock


Merchandise


- Raw material

- Inventories in the production process

- Inventory adjuvant

- Finished goods


No inventory

Purchase


There is


There is


Directly included in the equipment or supplies

Price


There is a cost of goods sold (COGS)


There is a cost of goods sold (COGS)


There is no cost of goods sold (COGS)

Cost accounting


There is no cost accounting


There is a cost accounting


There is no cost accounting

 

On the company's services, sales and service production process takes place when there is an agreement between the company and the consumer. Therefore, from an accounting point there are only two major transactions in the company's services, namely administrative transactions and the sale of services. The stages of the accounting cycle services company are as follows.

 

1. Recording, consisting of journaling and transfer (posting).

2. Pengikhtisaran (summary), this phase is done after recording phase is completed. At this stage, made a summary of the effects of all financial transactions that occurred during the period in question. The summary shown in the ending balance of each account ledger. Furthermore, the balance of each account are recorded in a separate document called a trial balance (trial balance). Accounting activities carried out at the stage of preparation of trial balance pengikhtisaran include, creation of adjusting entries, preparation of working papers (work sheet), the manufacture of the closing entries, trial balance after closing,

3. Preparation of financial statements, including balance sheet, income statement, statement of changes in equity, and statement of cash flows.

 

Then came the case that sometimes confuses people, for example, how the service company or salon facial treatment which also sells beauty products? It's easy, you just put what being part of a trading company to company services. Combining the costs incurred and calculating cost of goods sold. And to the results of facial care services would have to have a separate post so that in the business there are two income is the sale of goods and services revenue of care.

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