3. In a manufacturing business, what is the “Cost of Goods Sold (COGS)”? A. The total sales made during a period
B. The cost incurred to produce or buy products sold during the period
C. The cost of running the business, including rent and utilities
D. The profit made from selling goods
4. Which of the following is NOT a part of the Cash Flow Statement? A. Operating Activities
B. Financing Activities
C. Investment Returns
D. Investing Activities
5.What is double-entry accounting? A. Recording one entry per transaction
B. Recording two entries per transaction: one debit and one credit
C. A method of entering data twice for accuracy
D. An accounting system used only by large corporations
Answer (1)
Answer:B. The cost incurred to produce or buy products sold during the periodC. Investment Returns
