Which of the Following Statements Is True If the Income

question 139

Multiple Choice

Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?

• A)The company made a net profit.
• B)The company incurred a net loss.
• C)The retained earnings account decreased during the period.
• D)The total liabilities exceed total assets.

---

Definitions:

Freedom of Assembly

The right to gather peacefully with others in public or private spaces for expressive activities, protected by law in many democratic societies.

Individual Mandate

A requirement for individuals to have health insurance or face penalties, aimed at ensuring broader coverage and sharing of healthcare costs.

Affordable Care Act

Landmark health reform legislation passed in 2010 aimed at increasing health insurance quality and affordability, also known as Obamacare.

Taxing Clause

The taxing clause is a provision in a legal document or statute that grants a governing body the authority to impose taxes on individuals, corporations, or other entities.