All of the Following Statements Regarding the Income Statement Columns

question 133

Multiple Choice

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

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

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Definitions:

Federalism

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Governing Framework

The system of rules, practices, and processes by which a government is directed and controlled.

Full Faith

A clause in the U.S. Constitution (Full Faith and Credit Clause) requiring each state to recognize the public acts, records, and judicial proceedings of every other state.

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