Which of the Following Is the Income Statement Equation

question 99

Multiple Choice

Which of the following is the income statement equation?

• A) Owners' Equity - Assets = Liabilities
• B) Net Income - Expenses = Revenue
• C) Revenue - Expenses = Net Income
• D) Assets = Liabilities + Owners' Equity

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Definitions:

Upward

In a direction towards a higher position or level.

Downward

A direction toward a lower position or point.

Transformations

Operations that change the position, shape, or size of geometric figures.

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A visual representation of data or mathematical functions, usually drawn with an x and y-axis, to illustrate relationships between variables.