Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 26 - No. 27)
What does 'Final debit balances for cost of goods sold and expenses' represent?
Costs of products sold during the year.
Expenses incurred during the accounting year.
Revenues earned from sales.
Assets owned by the company.
Explanation
Final debit balances on these represent the cost of goods sold, which is an expense and all other expenses incurred.
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