The Income Statement Contains

question 162

Multiple Choice

The income statement contains

• A) liabilities.
• B) revenues.
• C) assets.
• D) Both B and C are correct.

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Definitions:

Credits

In accounting, credits refer to a bookkeeping entry that increases a credit account or decreases a debit account on a company's balance sheet.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the ownership of the company’s shareholders.

Balance Sheet

An accounting document that outlines an organization's resources, debts, and ownership interests on a certain date.

Transactions

Financial activities involving the exchange of goods, services, or funds between two parties.