Only the ________ accounts from the trial balance will be used to prepare the Income Statement.
A)asset and liabilities
B)liabilities and Retained Earnings
C)revenue and expense
D)Stockholders' Equity and asset

Question

Quizplus · Accepted Answer

The income statement presents the revenues and expenses of a company over a specific period of time. Therefore, only the revenue and expense accounts from the trial balance will be used to prepare the income statement. The other account categories, such as assets, liabilities, and stockholders' equity, are not relevant to the income statement preparation.

Only the ________ Accounts from the Trial Balance Will Be