"Expenses" (on an operating statement) usually include the cost of sales--both purchased and produced.

Name: "Expenses" (on an operating statement) usually include the cost of sales--both purchased and produced.
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Question

Quizplus · Accepted Answer

Expenses on an operating statement typically refer to operating expenses, which do not include the cost of sales. The cost of sales is usually listed separately as "Cost of Goods Sold" (COGS).

"Expenses" (On an Operating Statement) Usually Include the Cost of Sales--Both