Cost of goods sold is reported on the:
A) balance sheet.
B) financial position statement.
C) cash budget.
D) income statement.
E) overhead expense statement.

Question

Quizplus · Accepted Answer

Cost of goods sold is an expense and is reported on the income statement, which shows a company's revenues and expenses over a period of time. The balance sheet shows a company's assets, liabilities, and equity at a specific point in time. The financial position statement and cash budget are not common financial statements. The overhead expense statement may show expenses related to producing goods but does not specifically report the cost of goods sold.

Cost of Goods Sold Is Reported on The