Of the following accounts used in a job-order costing system, which is an expense account?
A)Cost of Goods Sold.
B)Work in Process.
C)Raw Material Inventory.
D)Finished Goods.

Question

Quizplus · Accepted Answer

Cost of Goods Sold is an expense account that records the cost of goods that were sold during a period. Work in Process, Raw Material Inventory, and Finished Goods are all inventory accounts, not expense accounts.

Of the Following Accounts Used in a Job-Order Costing System