Evaluate cost of goods sold

Assignment Help Financial Accounting

Reference no: EM1314101

Choose the correct option in the question.

Choose the correct answer from the given option.

1. Cost of goods sold is an:

a. asset

b. liability

c. revenue

d. expense

2. An expense is recognized when:

a. a business buys inventory

b. a business buys supplies

c. a business pays rent

d. a business repays a loan

3. Accounts Receivable decreases when:

a. goods are sold on credit

b. goods are purchased on credit

c. customers pay for goods previously purchased on credit

d. a payment is made for goods purchased on credit

4. Accounts payable increases when:

a. goods are sold on credit

b. goods are purchased on credit

c. customers pay for goods previously purchased on credit

d. a payment is made for goods purchased on credit

5. Which of the following is an example of a fixed asset?

a. building

b. supplies

c. inventory

d. cash

Reference no: EM1314101

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