QUESTION: How do i know how to categorize something as a activity, equipment or part?
ANSWER: A Part is classified as either a raw material or finished good produced by your business. For example, if I was a business that made cookies some parts I may have are eggs, flour, sugar, butter, milk, chocolate chips, chocolate chip cookie. An equipment is anything that supports the function of manufacturing goods for sale by the company. Using the same example of a bakery some equipment I may have would be a stand-up mixer, scale, and oven. An Activity is classified as a process completed within your business. For example, Sanitation and Mock Recalls would fall under this category.