Which Type of Account Is Cost of Goods Sold

question 64

Multiple Choice

Which type of account is cost of goods sold?

• A) An asset account
• B) A liability account
• C) An expense account
• D) An income account

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Definitions:

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A government agency that provides support to entrepreneurs and small businesses through loans, grants, and resource guidance.

Birth Stage

The initial phase of a product, business, or industry's lifecycle, characterized by development and introduction to the market.

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A phase in the development of something, such as technology or a product, where significant progress is made, overcoming previous barriers.

Maturity Stage

The phase in a product's lifecycle where growth slows down, sales stabilize, and the product is established in the market.