The Income Statement Presents a Summary of an Entity's Revenues

question 169

Multiple Choice

The income statement presents a summary of an entity's revenues and expenses for a period of time.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.