Cost of Goods Sold is classified as a(n)

Cost of Goods Sold is classified as a(n) 

A. Revenue account
B. Asset account
C. Expense account
D. Owner's Equity account

Answer: C

Learn More :

Accounting

• When treasury stock is sold for more than the company originally paid to purchase the shares, the difference:
• A company currently has 200,000 shares issued and 190,000 shares outstanding. If the company purchases 20,000 shares of treasury stock, what amount of shares will be outstanding?
• The purchase of treasury stock can boost earnings per share by:
• Why would a corporation purchase its own stock?
• The corporation's own stock that has been issued and then bought back by the company is referred to as:
• What would be the impact on the accounting equation when a company acquires treasury stock?
• Which of the following is TRUE regarding the accounting for treasury stock?
• Which of the following statements about treasury stock transactions is true?
• When an investment is made in another corporation's common stock, what is the effect on total stockholders' equity?
• When treasury stock is acquired, what is the effect on total stockholders' equity?
• When treasury stock is resold at a price above cost:
• A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?
• Which of the following is not a potential feature of preferred stock?
• Which of the following financing alternatives has the highest preference for dividends/interest payments?
• Which of the following is the most likely to have voting rights?
• Which of the following has the lowest expected return to the investor?
• Which of the following has the highest expected return to the investor?
• Preferred stock:
• Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share. The entry to record the issuance will not include a:
• South Beach Apparel issued 10,000 shares of $1 par value stock for $5 per share. What is true about the journal entry to record the issuance?
• Jade Jewelers issued 15,000 shares of $1 par value stock for $20 per share. What is true about the journal entry to record the issuance?
• Wright Inc. issued 20,000 shares of $1 par value common stock for $80,000. The journal entry to record this issuance includes a:
• When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
• When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
• If a company issues 1,000 shares of $1 par value common stock for $20 per share, which of the following accounts would be credited?

Share this

Share on FacebookPlus on Google+