Net Income Appears on Which Financial Statement(s)

question 60

Multiple Choice

Net Income appears on which financial statement(s) ?

• A)Balance Sheet only
• B)Income Statement only
• C)Both the Balance Sheet and the Income Statement
• D)The Income Statement, Statement of Cash Flows using the indirect method and the Statement of Retained Earnings

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Definitions:

Special

Distinguished by a unique or particular quality, different from the norm.

Trust Endorsement

An endorsement that is used when the instrument is being transferred to an agent or trustee for the benefit of either the endorser or a third party; gives the endorser the rights of a holder.

Agent

An individual authorized to act on behalf of another person or entity in business transactions or legal matters.

Special Endorsement

An endorser’s signature accompanying the name of the endorsee.