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General Accounting Discussions: Cost of Goods sold

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  1.  
    • CommentAuthorcrignell
    • CommentTimeMar 11th 2008
     
    We surrently pay outside authors and outside editors to help put together a number of publications for our company would these be considered as Cost of Goods?
    • CommentAuthorlorelee
    • CommentTimeMay 28th 2008
     
    There is no hard and fast answer. Some companies do include it as COGS, others as an expense ( Independant Contractor )
    I personally think it should be COGS
  3.  
    It would probably be more accurately described as a 'Cost of Sales' account: a contra Income account, or perhaps an expense account. As Cost of Sales it should give a better indication of income. However either way it will reduce your Current Earnings as Income (minus contras like Cost of Sales/Goods) minus Expenses get summed into the Current Earnings Equity account.

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