What is included in sales and cost of goods sold in accrual accounting?

A) Sales and cost of goods sold include all sales, cash or credit.

B) Sales reflect credit transactions; cost of goods sold reflects all sales of inventory, cash or credit.

C) Sales reflects sales for which cash has been received; cost of goods sold reflects cash and credit transactions.

D) Sales and cost of goods sold are included when cash is received for inventory sold.

Answer rating: 100% (QA)

Under Accrual Method of accounting All the transacti... View the full answer