Which of the Following Expenses Would Appear on a Corporation's

question 23

Multiple Choice

Which of the following expenses would appear on a corporation's income statement, but not on a partnership's income statement?

• A)Drawings
• B)Cost of goods sold
• C)Wage expense
• D)Income tax expense

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Definitions:

Recorded Voucher

A documented voucher that has been entered into a financial accounting system.

Periodic Inventory Method

An accounting method that calculates the cost of goods sold and ending inventory levels at the end of an accounting period by conducting a physical count.

Payroll Department

The Payroll Department is responsible for managing employee compensation, including calculating wages, withholding taxes, and distributing paychecks.

Last Week's Wages

The total amount of compensation paid to employees for their work in the previous week.