Which of the Following Accounts Would Not Appear on a Schedule

question 226

Multiple Choice

Which of the following accounts would not appear on a schedule of cost of goods manufactured?

• A)Wages payable.
• B)Raw materials inventory.
• C)Depreciation on factory equipment.
• D)Indirect labor.
• E)Factory insurance expired.

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Definitions:

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.

Asset Account

A financial account that represents the resources owned by a company, which have future economic value.

Liability Account

An accounting record that represents debts or obligations a company owes to others.

Cash Basis

An accounting method where revenues are recognized when received and expenses when paid, contrasting with accrual basis accounting.