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The terms “accounting” and “financial reporting” are often used as synonyms. Service companies provide intangible items or services and typically cost for labor or different services offered to government, to shoppers, or to different businesses. Interior decorators, beauticians, hair stylists, make-up artists, tanning salons, laundromats, dry cleaners, and pest controllers are service businesses. Entertainment companies and mass media agencies generate income primarily from the sale of intellectual property.
— naashonomics (@naashonomics) July 7, 2021
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