The "Net Income" or "Net Loss" is transferred from the income statement to the
A)chart of accounts.
B)trial balance.
C)balance sheet.
D)statement of owner's equity.

Question

Quizplus · Accepted Answer

The "Net Income" or "Net Loss" from the income statement is transferred to the statement of owner's equity to show how the business's earnings affect the owner's equity during the accounting period.

The "Net Income" or "Net Loss" Is Transferred from the Income