The most important differences between a service business and a retail business are reflected in their operating cycles and financial statements.

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Zybrea Knight · Accepted Answer

Final Answer : True, Explanation :  Service businesses typically have shorter operating cycles and their financial statements focus on labor and overhead costs, while retail businesses have longer operating cycles and their financial statements focus on inventory and cost of goods sold.

The most important differences between a service business and a retail business are reflected in their operating cycles and financial statements.

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