All of the Following Statements Regarding the Income Statement Columns

question 45

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 Owner's Equity columns.

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Definitions:

Agricultural

Relating to the cultivation of land and breeding of animals and plants to provide food, fiber, medicinal plants, and other products.