7 The Cost of Goods Sold account is classified as , A an expense B an asset C a contra asset D a liability 8 The term FOB Shipping Point means A The buyer records transportation expenses B The seller pays the shipping cost C The buyer pays the shipping cost D The buyer does not assume ownership unt...

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7 . The Cost of Goods Sold account is classified as: , A . an expense. B...

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7 .

The Cost of Goods Sold account is classified as:

,

.

an expense.

.

an asset.

.

a contra asset.

.

a liability.

8 .

The term "FOB Shipping Point" means

.

The buyer records transportation expenses.

.

The seller pays the shipping cost

.

.

The buyer pays the shipping cost.

.

The buyer does not assume ownership until the goods are received.

9 .

Ali Company paid cash to purchase land. As a result of this accounting event

.

total assets decreased.

.

total assets were unaffected.

.

total equity decreased

.

.

both assets and total equity decreased.

9 .

which of the following accounts would not appear on a balance sheet?

.

Rent payable

.

Unearned Revenues

.

Retained Earnings

.

Interest revenue

Posted Date: Jun 07, 2024 02:10 AM

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