For each of the following income statement line items, state whether the item is a by nature
Question:
For each of the following income statement line items, state whether the item is a “by nature" expense item or a “by function” expense item.
_______ Cost of goods sold
_______ Depreciation expense
_______ Salaries and wages expense
_______ Selling expenses
_______ Utilities expense
_______ Delivery expense
_______ General and administrative expenses
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Cost of goods sold is a by nature expense item because it refers to the direct costs associated with ...View the full answer
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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