What type of account is the Cost of Goods Sold account? Contra asset Expense Asset Liability

Fantastic news! We've Found the answer you've been seeking!

Question:

What type of account is the Cost of Goods Sold account?

Contra asset
Expense
Asset
Liability

Related Book For answer-question

Survey of Accounting

ISBN: 978-0073379555

2nd edition

Authors: Edmonds, old, Mcnair, Tsay

See More Books

Posted Date: Feb 03, 2022 01:05 AM

See More Questions

What type of account is the Allowance for Doubtful Accounts?
What type of account is Discount on Bonds?
What type of account is used to record the fees charged by the credit card company to the seller?
Mango Designs began selling its custom furniture on June 1, 2020. At the end of the month, the special journals showed the following results. Other information you will need is as follows: ? Interest...
Use the standard normal table in Appendix A to find the area a. Above (that is, to the right of) a point thats 1.96 standard deviations below the mean. b. in an interval starting 1.36 standard...
Recently, management at Oak Tree Golf Course received a few complaints about the condition of the greens. Several players complained that the greens are too fast. Rather than react to the comments of...
"Is there a sprinting gene?" Introduced in Example 1.5. Indicate whether the data come from an experiment or an observational study. Data From Example 1.5: Is There a Sprinting Gene? Agene called...
Company A owns 80% of Company B. Company B owns 60% of Company C. From a consolidated viewpoint, does A control C? How will $10,000 of Company C income flow to the members of the consolidated firms...
Simple Harmonic Motion Introduction: Simple harmonic motion, as shown in Figure 1, is any motion that has a restorative force and forces the object to oscillates indefinitely in the absent of...
Kat Ltd.s September balance sheet contains the following information: Cash.............................................................................$ 37,500 (dr) Accounts...
How many atoms in the pictured molecule can form hydrogen bonds with water molecules? O O O 7 5 8 3 2 Submit Previous Answers Request Answer X Incorrect; Try Again; 5 attempts remaining You don't...
If a companys common shares trade at relatively very low prices, that company would be most likely to consider the use of a: A. stock split. B. stock dividend. C. reverse stock split.
Evan is just leaving his house to visit his grandmother. Normally, the trip takes him 25 minutes on the freeway, going 55 mph. But tonight hes running 5 minutes late. How fast will he need to drive...
According to the static trade-off theory: A. debt should be used only as a last resort. B. companies have an optimal level of debt. C. the capital structure decision is irrelevant.
In Michael Johnsons world-record 400 m sprint, he ran the first 100 m in 11.20 s; then he reached the 200 m mark after a total time of 21.32 s had elapsed, reached the 300 m mark after 31.76 s, and...
The payment of a 10% stock dividend by a company will result in an increase in that companys: A. current ratio. B. financial leverage. C. contributed capital.
??????? Q1: February transactions for Silver Company as follows; Feb 2: Prepaid three monthis' Office rent, $ \$ 1,800 $ 3: Purchased 100 units of inventory for $ \$ 2,500 $, on credit terms of...
Distinguish among total-moisture content, free-moisture content, equilibrium-moisture content, unbound moisture, and bound moisture.
What is the objective of allocating indirect manufacturing overhead costs to the product?
Candice Hargrove, the accountant, is a perfectionist. No one can do the job as well as she can. Indeed, she has found budget information provided by the various departments to be worthless. She must...
Readers' Home buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory. Readers' Home's accountant prepared...
The von Neumann entropy satisfies a further inequality among three systems called strong subadditivity. ${ }^{20}$ As with subadditivity, strong subadditivity is only a property of the von Neumann...
We had stated in this chapter that the general Rnyi entropies do not satisfy subadditivity; only the von Neumann entropy does. In Example 12.2 , we constructed an explicit counterexample for the Rnyi...
In our analysis of hydrogen in Chap. 9, we discussed the period of recombination, the time in the history of the universe at which protons and electrons became bound and formed neutral hydrogen. We...

What type of account is the Cost of Goods Sold account? Contra asset Expense Asset Liability

Question:

Expert Answer:

Expense The Cost of Goods Sold is the largest expense a business incurs This is t... View the full answer

Survey of Accounting

Students also viewed these accounting questions