There are no differences in the nature and the account titles in the sales and collection cycle for a service industry, a retail company, and an insurance company, for example.

Question

Quizplus · Accepted Answer

There may be some differences in the nature and account titles in the sales and collection cycle for different industries, as they have unique ways of making sales and collecting payments. For example, a retail company may have accounts like "Cost of Goods Sold" and "Inventory", while an insurance company may have accounts like "Premium Revenue" and "Claim Payable". A service industry may have accounts like "Service Revenue" and "Accrued Revenue".

There Are No Differences in the Nature and the Account