To Compute Net Income or Net Loss, the Debit and Credit

question 97

True/False

To compute net income or net loss, the debit and credit columns of the income statement section of the worksheet are totaled, and the difference is placed on the smaller side.

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Definitions:

Quasi-contract

A legal concept where a court enforces an agreement between parties even though there is no actual contract between them, to prevent one party from being unjustly enriched.

Unjust

Not based on or behaving according to what is morally right and fair.

Unilateral Contract

A contract in which only one party makes an enforceable promise to perform an action, often in response to an act by the other party.

Offeree

The party to whom an offer is made in a contract negotiation, who has the power to accept or reject that offer.