Where do Inventory and Cost of sales appear?
A)On the balance sheet and income statement, respectively
B)On the statement of changes in equity and income statement, respectively
C)On the balance sheet and statement of changes in equity, respectively
D)On the income statement and cash flow statement, respectively

Question

Quizplus · Accepted Answer

Inventory appears on the balance sheet as a current asset, while Cost of Sales appears on the income statement as an expense.

Where Do Inventory and Cost of Sales Appear