What does the term "COGS" stand for?

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BlackTom AI · Accepted Answer

Let's parse the question and examine each option carefully.
Option a: "Cost of Goods Sold". This is the standard term abbreviated as COGS in accounting. It represents the direct costs attributable to the production of the goods a company sells during a period, such as materials and direct labor. This aligns precisely with what COGS stands for.
Option b: "Cost of General Sales". This phrase is not a recognized accounting term. It misstates the concept, as there is no common category by this name in financial reporting.
Option c: "Cost of Gross Sales". While the word "gross sales" exists (total sales before deductions), there is no separate "cost of gross sales" category. The typical cost-related measure is COGS, which relates to the cost of goods sold, not a distinct "cost of gross sales" term.
Option d: "Cost of Generated Services". This wording is unusual and not used in standard financial terminology. COGS applies to goods; for services, accounting uses terms like cost of services or operating costs, not "cost of generated services".
In summary, option a correctly matches the established definition of COGS, while options b, c, and d describe nonstandard or inaccurate phrasing that does not reflect conventional accounting terminology.

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What does the term "COGS" stand for?

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