why is accounting a service industry

Answer 1

Accounting is considered a service industry because it provides professional services to individuals and organizations in managing their financial records, ensuring compliance with legal and regulatory requirements, and providing financial analysis and advice. Although it does not directly involve physical products, accounting professionals offer valuable expertise, knowledge, and consultation to their clients, similar to other service industries such as consulting, legal services, or financial planning. Accounting services are performed by skilled professionals who are hired to provide a specific service to clients, thereby classifying it as a service industry.