All of the Following Statements Regarding the Income Statement Columns

question 45

Multiple Choice

All of the following statements regarding the Income Statement columns on the worksheet are true except:

• A)The balances in the Income Statement credit column are revenues.
• B)The balances in the Income Statement credit column are unearned revenues.
• C)The balances in the Income Statement debit column are expenses.
• D)The difference between the totals of the Income Statement columns is net income or net loss.
• E)The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns.

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Definitions:

Psychological

Pertaining to the mind or mental processes, often in relation to behavior and feeling.

Physical

Relating to the body as opposed to the mind or emotional state, often concerning fitness, health, or appearance.

Abstract

Pertaining to thoughts or concepts that are not concrete or tangible, often involving complex ideas or theoretical thinking.

Visual Self-recognition

The ability to recognize oneself in a mirror or photograph, typically developing in humans around 18-24 months of age.