2: The Income Statement is a financial report that displays income and expenses over a specific period. Answer: A. True B. False Question 4: What account is debited when a purchase order is created? Answer: A. Accounts Payable B. Accounts Receivable C. No account is debited D. Cost of Goods Sold Question 7: Inventory parts are tracked and sold by: Answer: A. quantity B. account C. bulk D. order