Saying Hi To Merchandising
Link to the pictures: https://drive.google.com/open?id=0BwEa3AcEFeXmZERuMVhnUHppd2M
Today, we were introduced to merchandising business concepts.But before our main lessons, Sr. Randy gave us overview of merchandising business. Upon this overview, I thought that servicing business and merchandising business has their similarities and differences.
Similarities:
1. Both follow an interim period of time. (fiscal, quarterly, monthly)
2. Both follow the business entity concept.
3. Both aims to help people with their needs.
Differences:
1. In service business, the business offers services, while for merchandising, the business buys and sells merchandise.
2. The service business uses revenue account to indicate the method of earning of the business. On the other hand, the merchandising business has no revenue account but instead it uses sales.
3. Service business has no need to use inventory procedures but the merchandising does.
After that discussion, we had an activity where we have 3 boxes, for the first 2 boxes on top, we would put the description of the service and merchandising business individually based on our background knowledge. For the last box at the bottom, we would put their similarities and differences based on what we wrote in the two boxes.
I answered this activity sheet based on what I wrote as their similarities and differences above. I was fairly satisfied with my answers and I was hoping to get a perfect score for this activity. Unfortunately, I only got 16 out of 20. I reviewed my checked paper and took note of all the comments that Sr. Randy gave me.
1. I have no examples for each type of business. I simply wrote what distinguishes service from merchandising and vice versa.Upon knowing this, I would ensure that the next time I would answer the same type of activity, I would remember to put in examples of the things being compared.
2. I gave no justification in some of my answers such as how the two types of business are the same in the nature of accounting. I know that I heard Sr. Randy say this as he was discussing but I was unable to hear the next things that he said after that. From this experience, I should always remember that I shouldn’t be afraid to ask for clarifications from Sr. Rand if I was unable to comprehend what he discussed because this may backfire to me one day.
From this activity, I was able to learn many things from my mistakes and next time, I would apply these learning's and aim for full marks!
