Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 13 - No. 4)
What is the difference between a trading and a service business?
A trading business buys goods to sell, while a service business provides services.
A trading business provides services, while a service business buys goods to sell.
There is no difference.
Trading and service businesses both sell tangible products.
Explanation
A trading business buys goods to sell whereas a service business provides a service.
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