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.

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Definitions:

Period Of The Embryo

Lasting from the fourth through the eighth week of gestation, the time that most of the body’s organ systems and structures are forming.

Full Term

Refers to a pregnancy that reaches completion, typically around 39 to 40 weeks, leading to the birth of a baby.

Period Of The Zygote

Approximately a 2-week period from the time of fertilization of a human ovum by a sperm to the time of implantation in the uterine wall.

Period Of The Fetus

Lasting from the ninth week of gestation until birth, the time of rapid growth and further differentiation when the reproductive system forms, gains in body weight occur, and the brain and nervous system continue to develop.