An Income Statement Includes

question 74

Multiple Choice

An income statement includes:

• A)income, liabilities, and net worth.
• B)income, expenses, and cash surplus or deficit.
• C)expenses, net worth, and cash surplus or deficit.
• D)net worth, surplus, and profit or loss.
• E)savings, surplus, and profit or loss.

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Definitions:

Cash

Money in the form of currency, which includes coins and paper bills, used as a medium to exchange goods and services.

Advertising

The action of calling public attention to products, services, or events, often through paid announcements by an identified sponsor.

Debit

The left side of an account.