The Income Statement and the Balance Sheet Are Essentially the Same

question 18

Multiple Choice

The income statement and the balance sheet are essentially the same for sole traders and partnerships except for transactions that directly affect:

• A) profit.
• B) liabilities.
• C) assets.
• D) equity.

---

Definitions:

Framed Picture

an image enclosed in a frame to enhance or protect it.

Inconsistent Person

Someone whose actions, beliefs, or performance vary significantly over time, often unpredictably.

Stamped Feet

The act of forcefully bringing one's feet down onto the ground, often to express frustration or to attract attention.

Winning Point

The final score or action that clinches victory in a game or competition.