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16RQ

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Horngren'S Financial And Managerial Accounting
Found in: Page 884

Short Answer

Describe a service company, and give an example.

Service company provides services to customers, examples are American express, hospitals, etc.

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Step by Step Solution

Definition of service company

The service companies are defined as the business organization which provides only services to the clients or the customers.

Example of service company

There are various examples of service companies and they are:

Banking: The banking services include various activities which are providing loans, managing various accounts of the depositors, and money transfers. Some of the banks are American Express, HDFC, etc.

Healthcare: Healthcare services are provided by the hospitals such as health check-ups, surgeries, etc.

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