The Difference Between the Totals of the Debit and Credit

question 173

Multiple Choice

The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

• A)is the amount of net income or loss
• B)indicates there is an error on the work sheet
• C)is the amount of retained earnings
• D)is the difference between revenue and expenses

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Definitions:

Fees Earned

Income received for services provided, often used in professional and consulting business models.

Supplies

Items used in the operation of a business, often consumable, like stationery, raw materials, or maintenance supplies.

Utilities Expense

The cost incurred by businesses for basic services such as water, electricity, gas, and telecommunications.

Office Supplies

Items used regularly in an office for writing, printing, filing, or cleaning, regarded as consumable materials.