Which of the following accounts are typically classified under Income Statement Accounts?

Income Statement Accounts are those that track a company’s financial performance over a specific period, primarily capturing revenues and expenses. The correct answer includes Cost of Goods Sold, Income, and Other Expense, all of which directly relate to an organization's profitability during an accounting period.

Cost of Goods Sold represents the direct costs attributable to the production of goods sold by the company, making it a key expense item that directly impacts gross profit. Income reflects the revenues earned from sales or services during that same period, which is critical for determining overall financial performance. Other Expense captures miscellaneous expenses that do not fall under typical categories of selling, administrative, or cost of goods sold, but still affect net income.

In contrast, the other options listed contain accounts that do not fit the criteria for Income Statement Accounts. Cash, Accounts Receivable, and Long Term Liability are balance sheet accounts that pertain to a company’s financial position at a specific point in time rather than its operational performance over time. Similarly, Accounts Payable, Capital Stock, and Dividends are also balance sheet items that detail liabilities and equity rather than revenues or expenses. Lastly, Fixed Asset, Other Current Liability, and Unbilled Receivable also fall under the balance sheet category and do not represent ongoing income or