A Cost Object Cannot Be

question 5

Multiple Choice

A cost object cannot be:

• A) a geographic region
• B) a customer
• C) a department
• D) none of the above, i.e. all can be cost objects

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Definitions:

Revenue and Expense Accounts

Accounts in the general ledger that track the income generated from sales and the costs incurred during business operations, respectively.

Worksheet

A document or spreadsheet used for planning, adjusting entries, and preparing financial statements before they are finalized in official reports.

Income Statement

A financial statement that reports a company's financial performance over a specific period by detailing revenues, expenses, and net income.

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity.