The Statement "This Business Produced Net Income of $520,000" Is

question 148

Multiple Choice

The statement "This business produced net income of $520,000" is unclear because it failed to specify:

• A)The accounting method,that is,accrual or cash basis.
• B)Whether the amount earned is before or after expenses.
• C)The time period.
• D)The amount of cash withdrawn from the business by the owner.