All of the Following Statements Regarding the Income Statement Columns

question 38

Multiple Choice

All of the following statements regarding the Income Statement columns on the worksheet are true except:

• A) The difference between the totals of the Income Statement columns is net income or net loss.
• B) The balances in the Income Statement debit column are expenses.
• C) The balances in the Income Statement credit column are unearned revenues.
• D) The balances in the Income Statement credit column are revenues.
• 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:

Freedom

The power to act without being coerced or restrained. The idea of metaphysical freedom holds that a human decision or action is a person’s own responsibility and that praise and blame may be appropriately ascribed. The most extreme interpretation of freedom is the absence of any causes or determinations. Thus, an indeterminist would say that an event was free if it had no causes; some philosophers would say that a human act was free if it was only self-caused but not determined by anything else (including a person’s character). Certain determinists, however (soft determinists), would say that an act is free only if it is “in character” and based on a person’s desires and personality. Most generally, we say that a person’s act was free, whether or not it was the result of a conscious decision and whether or not certain causes may have been involved, if we would say that he or she could have done otherwise.

Indeterminists

Those who believe that not all events, including moral choices, are determined by previously existing causes.

Subatomic Particle

A particle smaller than an atom, including protons, neutrons, and electrons, which are the building blocks of atoms.

Yoruba Philosophy

A system of thought native to the Yoruba people of West Africa, characterized by its rich oral tradition, emphasis on community, and concepts of destiny, the spiritual world, and ethical living.