learning: inventory and cost of goods sold time estimated time to complete 4 min accuracy 68% progress 18…

learning: inventory and cost of goods sold time estimated time to complete 4 min accuracy 68% progress 18 mastered 0 incorrect 2 in - progress 0 not seen 20 total questions message if you are unsure about a choice, click once. if you are sure about a choice, click twice. question lo 1 cost of goods sold is an example of a ____ account and appears on the ____. answer expense, income statement asset, balance sheet expense, balance sheet i dont know yet

learning: inventory and cost of goods sold time estimated time to complete 4 min accuracy 68% progress 18 mastered 0 incorrect 2 in - progress 0 not seen 20 total questions message if you are unsure about a choice, click once. if you are sure about a choice, click twice. question lo 1 cost of goods sold is an example of a ____ account and appears on the ____. answer expense, income statement asset, balance sheet expense, balance sheet i dont know yet

Answer

Brief Explanations:

Cost of goods sold represents the direct costs attributable to the production of the goods sold by a company. It is an expense account as it reflects the cost of inventory that has been sold during a period. Expense accounts are reported on the income statement. Assets are resources owned by a company and appear on the balance - sheet. The balance - sheet shows a company's financial position at a specific point in time, while the income statement shows revenues and expenses over a period of time.

Answer:

Expense, Income Statement