Which of the Following Accounts Will Be Found on the Income

question 62

Multiple Choice

Which of the following accounts will be found on the income statement?

• A) inventory
• B) work in process
• C) finished goods
• D) cost of goods sold

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Definitions:

Good-Will

The intangible asset representing the value of a business's reputation, customer relationships, and overall standing in the community.

Expenses

Costs incurred in the undertaking of a business or the execution of a task.

Gross Returns

Total revenue generated by an investment before any deductions for expenses or taxes.

Non-Profit Charity

An organization dedicated to furthering a particular social cause or advocating for a shared point of view, without profit as its primary motive.