Which of the Following Is Shown on the Balance Sheet

question 197

Multiple Choice

Which of the following is shown on the balance sheet as well as the statement of cash flows?

• A) Owner, Capital (ending balance)
• B) Net income
• C) Total assets (ending balance)
• D) Cash (ending balance)

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Definitions:

Cost of Goods Sold

The immediate expenses linked to the creation of products sold by a business, encompassing costs for materials, workforce, and operational overheads.

Cost of Goods Available

The total cost of inventory available for sale during a specific period, calculated as the sum of beginning inventory and purchases minus ending inventory.

FIFO

"First In, First Out," an inventory valuation method that assumes the first items placed in inventory are the first sold.

LIFO

Last In, First Out, an inventory valuation method where the latest items added to inventory are the first to be sold.