The Income Statement Columns in the End-Of-Period Spreadsheet Show That

question 17

Multiple Choice

The income statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?

• A)net income of $21,720
• B)net loss of $21,720
• C)the accounts are out of balance,indicating an error has been made
• D)the accounts have not been updated

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Definitions:

Peer-To-Peer

A decentralized network architecture where all the participants, or nodes, share part of their resources directly with each other, without going through a centralized server.

Node

A device connected to a network such as a computer, a peripheral (such as a printer), or a communications device (such as a modem).

Communicates Directly

The process where two systems or devices establish a connection without intermediary devices or services.

Print Server

A server that manages all client-requested printing jobs for all printers on a network.