none of the above Question 5 10 Points The Cost of Goods Sold account is an asset account similar to the inventory account. True False Question 6 10 Points Which of the following statements is correct for revenue and expense accounts? (A) all expense accounts are shown on the Income Statement except the cost of Goods Sold account some of the revenue and expense account balances are used to prepare the income Statement, and some of the revenue and expense account balances appear on the Balance Sheet C all of the revenue and expense account balances are used to prepare the income Statement the beginning balance in the Retained Earnings account, and all of the revenue and expense account balances, are used to prepare the income Statement (E) none of the above statements are correct Question 7 (10 Points Which of the following statements is correct for revenue and expense accounts? (A) all expense accounts are shown on the Income Statement except the Cost of Goods Sold account some of the revenue and expense account balances are used to prepare the income Statement, and some of the revenue and expense account balances appear on the Balance Sheet (c) all of the revenue and expense account balances are used to prepare the Income Statement the beginning balance in the Retained Earnings account, and all of the revenue and expense account balances are used to prepare the Income Statement none of the above statements are correct Question 7 (10 Points A company will have a Net Loss for their accounting period when: (A) the sum of all the expense account balances is greater than the sum of all the revenue account balances of all (B) the sum of all the revenue account balances is greater than the sum of all the expense account balances C a company that is a going concern will never have a Net Loss D the Revenue Account's beginning balance is a debit amount E none of the above tortowed 131:09 PMS