The Net Income (Or Loss) for the Period

question 172

Multiple Choice

The net income (or loss) for the period

• A) is found by computing the difference between the income statement credit column and the statement of financial position credit column on the worksheet.
• B) cannot be found on the worksheet.
• C) is found by computing the difference between the income statement columns of the worksheet.
• D) is found by computing the difference between the trial balance totals and the adjusted trial balance totals.

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Definitions:

Result

The outcome or final value obtained after performing a calculation or a series of operations.

Final Value

The ultimate quantity or result that is arrived at after all calculations or changes have been applied.

Result

The consequence or effect obtained after performing a specific action or series of actions.

Original Amount

The initial sum of money before any changes, such as appreciation, depreciation, or interest, have been applied.