Which of the following statements is true if the income statement debit column exceeds the income statement credit column of a worksheet?
A)The company incurred a net loss.
B)The owner's capital account increased during the period.
C)The company made a net profit.
D)An error was made.

Question

Quizplus · Accepted Answer

An income statement shows the revenues and expenses of a company, and if the debit column (expenses) exceeds the credit column (revenues), it indicates that the company incurred a net loss.

Which of the Following Statements Is True If the Income