There are two types of expenses recorded on the income statement.They are:
A)cost of goods sold and production costs
B)production costs and sales expense
C)operating expenses and administrative expenses
D)sales expense and cost of goods sold
E)cost of goods sold and operating expenses

Question

Quizplus · Accepted Answer

The two main types of expenses recorded on the income statement are cost of goods sold (COGS) and operating expenses. COGS refers to the direct costs attributable to the production of the goods sold by a company, while operating expenses include all other costs associated with running the business that are not directly tied to the production of goods or services.

There Are Two Types of Expenses Recorded on the Income