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When a company sells a physical product, they will generally have inventory recognized as an...

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Accounting

When a company sells a physical product, they will generally have inventory recognized as an asset on their Balance Sheet. However, a professional service company will not have such an asset.

1. Should they consider any aspect of their business as an aspect that should be managed as if it were inventory?

2. What should it be?

3. Consider a professional service firm such as a law firm, an accounting firm or a consulting firm. How should they consider managing it?

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