Cost of Sales Appears on Both a Descriptive Format Income

question 7

True/False

Cost of sales appears on both a descriptive format income statement and a functional format income statement.

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Definitions:

Resource

An asset or input that is utilized in the production of goods and services, such as labor, capital, and raw materials.

Units

Basic quantities or measurements used to express a variable or to quantify the elements in an analysis.

Employed

Refers to individuals who are currently working in a paid job or running a business.

Units

Basic quantities or measurements, such as pieces or liters, used to quantify the amount of a product or substance.