Directions: Choose the Best Answer Based on the Information You

question 4

True/False

Directions: Choose the best answer based on the information you read in Chapter Twenty.
Active voice is always better than passive voice. ​

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income.

Debit Column

A column in accounting ledgers and financial statements used to record increases in asset or expense accounts, and decreases in liability, equity, or revenue accounts.

Credit Column

A column in accounting records or financial statements used to record amounts that reduce balances in asset or expense accounts, or increase balances in liability, equity, or revenue accounts.

Financial Statement

A written record that conveys the financial activities and conditions of a business or individual.