Profit Is Another Name For

question 231

Multiple Choice

Profit is another name for:

• A) The income statement.
• B) Net income.
• C) Equity.
• D) A business transaction.
• E) Assets.

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Definitions:

Journal Entry

An accounting transaction recorded in a company's financial records, which includes a description, the accounts affected, and the amounts debited and credited.

Credited

Recognized or recorded as an increase in assets or a decrease in liabilities in accounting records.

Accrued Expense

Expenses that have been incurred but not yet paid, representing liabilities for goods or services received but not yet invoiced.