Which Type of Account Is Cost of Goods Sold

question 48

Multiple Choice

Which type of account is Cost of Goods Sold?

• A)An asset account.
• B)A liability account.
• C)An expense account.
• D)An income account.

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Definitions:

Shared Ancestry

The common evolutionary origin of two or more species, which is reflected in their genetic material.

Ideal Free Distribution

A theory in ecology that predicts how animals distribute themselves among habitats to maximize their fitness, assuming individuals are free to choose and are perfectly informed.

Habitats

The natural environments or places where a particular species lives and grows; it is crucial for the survival of species.

Fitness

In evolutionary terms, the ability of an organism to survive and reproduce, thus passing on its genes to the next generation.