Is Cost of Goods Sold A Temporary Account Or A Permanent Account

Cost of Goods Sold or Cost of Sales is a Temporary Account as it is closed to Income Summary Account for the period and it is not a Permanent Account.

Actually, cost of goods sold is a direct expense and as an expense is a temporary account which expired within one year. A temporary account can not has balance like a permanent account.

Is Cost Of Goods Sold An Expense Or A Contra Revenue Account?

Cost of sales is not a Contra Revenue Account. It is a direct expense account and it is deducted from Sales in Income Statement.

Cost Of sales Is An Example Of What Type Of Expenditure

It is an example of Revenue Expenditure as it is incurred to meet day to day expenses.