Which of the following accounts is not a major account in the acquisition and payment cycle?
A)Inventory.
B)Cost of goods sold.
C)Accounts payable.
D)All of the above are major accounts.

Question

Quizplus · Accepted Answer

All the options listed (Inventory, Cost of Goods Sold, and Accounts Payable) are major accounts in the acquisition and payment cycle, which involves purchasing inventory, recognizing the cost of goods sold when sales occur, and managing accounts payable.

Which of the Following Accounts Is Not a Major Account