Regarding the preparation of financial statements, which of the following is TRUE?
A) The left column of the Income statement is used only to sub-total amounts.
B) Financial statements have debit and credit columns.
C) The Balance Sheet is prepared first.
D) Each amount on the Balance Sheet can be found on the Trial Balance. (careful!)

Question

Quizplus · Accepted Answer

The left column of the Income Statement is often used for sub-totals or additional details, while the right column is used for final amounts.

Regarding the Preparation of Financial Statements, Which of the Following