Which of the following accounts will be found on the income statement?
A) Inventory
B) Work in Process
C) Finished Goods
D) Cost of Goods Sold

Question

Quizplus · Accepted Answer

Cost of Goods Sold is the only account that is typically found on the income statement as it represents the cost associated with producing the goods or services sold during a specific period of time. Inventory, Work in Process, and Finished Goods are all accounts found on the balance sheet as they represent the value of goods or materials within the production process or ready for sale.

Which of the Following Accounts Will Be Found on the Income