Which of the following statements is not correct?
A) The difference between the total of the Income Statement Debit column and the total of the Income Statement Credit column of the worksheet represents either net income or net loss.
B) Net income is recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column.
C) Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the Adjusted Trial Balance section of the worksheet.
D) If an account has a debit balance in the Trial Balance section of the worksheet and there is a credit entry in the Adjustments section,the credit amount is added when computing the balance to be shown in the Adjusted Trial Balance section of the worksheet.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is not correct?
A) The difference between the total of the Income Statement Debit column and the total of the Income Statement Credit column of the worksheet represents either net income or net loss.
B) Net income is recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column.
C) Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the Adjusted Trial Balance section of the worksheet.
D) If an account has a debit balance in the Trial Balance section of the worksheet and there is a credit entry in the Adjustments section,the credit amount is added when computing the balance to be shown in the Adjusted Trial Balance section of the worksheet.

Which of the Following Statements Is Not Correct