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:

Compound

A substance formed by the chemical combination of two or more elements in fixed proportions.

Chemical Bonds

The attractive forces that hold atoms together in molecules or crystals, forming as a result of sharing or transferring electrons between atoms.

Molecule

The smallest particle of a chemical substance that can exist independently while retaining the chemical properties of the substance.

Atoms

The basic unit of a chemical element, consisting of a nucleus of protons and neutrons, and surrounded by electrons.