Question1: Cost of goods sold is an:
[A] Revenue
[B] expense
[C] asset
[D] liability
Question2: Accounts Receivable decreases when:
[A] customers pay for goods previously purchased on credit
[B] a payment is made for goods purchased on credit
[C] goods are sold on credit
[D] goods are purchased on credit
Question3: Which of the following is an example of a fixed asset?
[A] Inventory
[B] Cash
[C] Building
[D] Supplies