problem1: Cost of goods sold is an:

[A] Revenue

[B] expense

[C] asset

[D] liability

problem2: 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

problem3: Which of the following is an ex of a fixed asset?

[A] Inventory

[B] Cash

[C] Building

[D] Supplies