Which of the Following Statements Is True If the Income

question 166

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's capital account decreased during the period.
• D)An error was made.

---

Definitions:

Business Decisions

Choices or judgments made by individuals or groups in the context of business operations that affect its direction and outcomes.

Trustworthiness

A measure of reliability and integrity in individuals or organizations.

Ethical Principles

The fundamental guidelines that dictate proper conduct and decision-making, based on moral values.

Sophisticated Clients

Individuals or organizations with a high level of knowledge, experience, and resources in financial or legal matters, enabling them to make informed decisions.