Which of the Following Statements Is TRUE of an Income

question 102

Multiple Choice

Which of the following statements is TRUE of an income statement?

• A) There is net income when total expenses are greater than total revenues.
• B) There is a net loss when total expenses are less than total revenue.
• C) There is a net loss when total expenses are greater than total liabilities.
• D) There is net income when total revenues are greater than total expenses.

---

Definitions:

Law Library of Congress

The world's largest law library, offering an extensive collection of resources and databases for legal research, located in Washington, D.C.

Library of Congress's Website

The online platform for the Library of Congress, offering access to its extensive collections and resources.

U.S. Department of Justice

The federal executive department responsible for enforcing the laws of the United States, overseeing legal affairs and federal law enforcement agencies.

Federal Criminal Prosecutions

Legal proceedings initiated by the federal government against individuals or entities accused of committing federal crimes.