All of the Following Statements Regarding the Income Statement Columns

question 38

Multiple Choice

All of the following statements regarding the Income Statement columns on the worksheet are true except:

• A) The difference between the totals of the Income Statement columns is net income or net loss.
• B) The balances in the Income Statement debit column are expenses.
• C) The balances in the Income Statement credit column are unearned revenues.
• D) The balances in the Income Statement credit column are revenues.
• E) The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns.

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