The Amount of Net Income Is Transferred from ________ to ________

question 96

Multiple Choice

The amount of net income is transferred from ________ to ________.

• A) the income statement; the statement of retained earnings
• B) the balance sheet; the statement of cash flows
• C) the balance sheet; the income statement
• D) the income statement; the statement of expenditures

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Definitions:

Damages

A sum of money awarded in compensation for a loss or injury.

Forged Check

A check that has been illegally signed or altered by someone other than the account owner.

Obligated

A condition or situation where one is legally or morally bound to perform a certain action or fulfill a duty.

Stop-Payment Order

a request made to a bank by an account holder not to pay a check that has been issued but not yet cashed.