The amount of net income calculated on an income statement is correct if
A) it is the same as the net income shown on the work sheet.
B) debits equal credits.
C) it is the same as the net income shown on the balance sheet.
D) none of these.

Question

Quizplus · Accepted Answer

Net income on an income statement is considered correct if it matches the net income shown on the work sheet, as the work sheet is used to prepare the income statement and ensure all financial activities are accurately recorded and reconciled.

The Amount of Net Income Calculated on an Income Statement