Most Changes in Sales Revenue Have No Effect on Cost

question 80

True/False

Most changes in sales revenue have no effect on cost of goods sold.

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Definitions:

Accounts Receivable

Represents money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Accounts Payable

Liabilities of a business that are due to be paid to creditors within a short period, usually one year.

General Journal

A primary accounting record used to track all financial transactions of a business, entered in chronological order.

Office Supplies

Consumable items used in an office setting, such as paper, pens, and office equipment.