It Is Possible to Determine the Net Income or Loss

question 24

Multiple Choice

It is possible to determine the net income or loss for the period by:

• A)taking adjusted trial balance amounts and subtracting expenses from revenues.
• B)looking at the bottom line on the Income Statement.
• C)taking post-closing trial balance amounts and subtracting expenses from revenues.
• D)both A and B, which describe correct ways to determine the net income or loss for the period.

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Definitions:

Universities

Higher education institutions focused on teaching, research, and scholarship, offering a range of undergraduate, graduate, and doctoral programs.

Communication Tool

Any device, platform, or method used to transmit information from one entity to another.

Nonprofits

Organizations that operate for charitable, educational, cultural, or social welfare purposes and do not distribute profits to owners or shareholders.

Economical

Characterized by efficiency and avoidance of waste, typically in terms of spending or resource utilization.