Net income results when A) Assets Liabilities. B) Revenues = Expenses. C) Revenues Expenses. D) Revenues

Name: Net income results when A) Assets > Liabilities. B) Revenues = Expenses. C) Revenues > Expenses. D) Revenues < Expenses.
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Question

Net income results when
A) Assets > Liabilities.
B) Revenues = Expenses.
C) Revenues > Expenses.
D) Revenues < Expenses.

Quizplus · Accepted Answer

Net income means total revenues earned by a company in a specific period after deducting all the expenses incurred during that period. Therefore, when Revenues are greater than Expenses, the company is left with a net income.

Net Income Results When