On a Worksheet, the Balance Sheet Debit Column Total Is

question 39

Multiple Choice

On a worksheet, the balance sheet debit column total is $5,000 and the credit column total is $4,000. Which of the following statements is CORRECT?

• A) The company had a net income of $1,000.
• B) The company had a loss of $1,000.
• C) The company's expenses were greater than revenues.
• D) None of the above are correct.

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Definitions:

Consolidated Balance Sheet

A financial statement that aggregates the assets, liabilities, and equity of a parent company and its subsidiaries.

U.S. Dollars

The official currency of the United States, often symbolized as $.

Temporal Method

An accounting method used to translate foreign currency balances when the exchange rate fluctuates significantly, converting monetary items at the exchange rate of the transaction date.

U.S. Dollars

The official currency of the United States, commonly used as a basis for financial transactions and accounting records.