Which of the following statements about expenses is NOT true?

Group of answer choices

1.Expenses that support the overall operations of a business and include the expenses relating to accounting, human resource management, and financial management are called general and administrative expenses.

2.The cost of freight on purchases of inventory is known as transportation-out expense.

3.The cost of buying and preparing merchandise for sale is known as cost of goods sold.

4.Expenses to promote sales by displaying and advertising merchandise, making sales, and delivering goods to customers are known as selling expenses