Which of the Following Statements Is TRUE If the Income

question 151

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 Owner, Capital account decreased during the period.
• D) An error was made.

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Definitions:

Repression

The psychological attempt by an individual to block off and push into the unconscious components of the psyche that are considered threatening or unacceptable.

Regressive

Characterized by a return to a former or less developed state, often in behavior or developmental stages.

DSM-5

The fifth edition of the Diagnostic and Statistical Manual of Mental Disorders, a publication for the classification of mental disorders by the American Psychiatric Association.

Memory Loss

A condition where a person experiences an inability to remember information, events, or experiences, often caused by brain injury, disease, or psychological trauma.