Question $23$

$1$ pts

Which one of the following describes Retained Earnings most appropriately?

It represents the amount of accumulated Net Income or Losses $($after dividends payout$)$ reinvested to the company. It is a part of the Owners' Equity in the Balance Sheet.

It is the accumulated Net Income or Losses $($before dividends payout$)$ reinvested to the company. It is a part of the Owners' Equity in the Balance Sheet.

It is the amount of additional investment made by owners during one accounting term.

It is the Net Income amount of the current year posted from the Income Statement to the Balance Sheet.

Question $24$

$1$ pts

The amount of inventory used in operating activities $($for serving customers$)$ is presented under one of the account title. Which is it$?$

Inventory expense

cost of goods used for internal purposes

cost of sales

inventory usage