When Expenses Exceed Revenues, There Is a Net Loss and the Income

question 136

True/False

When expenses exceed revenues, there is a net loss and the Income Summary account would have a credit balance.

---

Definitions:

Chest Tube Removal

The process of safely taking out a tube that was inserted into the space around the lungs to remove air, blood, or fluids, often after surgery or injury.

Breath Sounds

The noises produced by the movement of air in the respiratory tract, which can be heard through a stethoscope and provide information about lung health.

Pleural Cavity

The thin fluid-filled space between the two layers of the pleura surrounding each lung, facilitating lung movement.

Posterior Chest Tube

A drainage tube placed in the back part of the chest cavity to remove air, fluid, or blood, promoting lung re-expansion.