Net Income from the Income Statement Appears On

question 7

Multiple Choice

Net income from the Income Statement appears on:

• A)The Balance Sheet.
• B)The Retained Earnings Statement.
• C)Neither the Balance Sheet nor the Retained Earnings Statement.
• D)Both the Balance Sheet and the Retained Earnings Statement.

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Definitions:

UCC

A complete collection of regulations that oversee business dealings within the United States, known as the Uniform Commercial Code.

Stop-Payment Order

A request made to a bank by an account holder to not pay out on a check or transaction previously issued or authorized.

Liability

Legal responsibility for one's actions or inactions, particularly in causing harm to others or to property, which may result in civil or criminal penalties.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.