Which of the Following Accounts Will Be Found on the Income

question 109

Multiple Choice

Which of the following accounts will be found on the income statement?

• A) Inventory
• B) Work in Process
• C) Finished Goods
• D) Cost of Goods Sold

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Definitions:

Functions

The roles or activities that are natural to or intended for an individual or thing.

Prevent

To stop something from happening or to hinder certain actions by taking proactive measures.

Stock

Shares representing ownership in a corporation, entitling the shareholder to a portion of the company’s profits and assets.

Testator

An individual who has made a will to dictate how their estate should be managed and distributed after their death.