The order in which the income statement and balance sheet are normally completed is:
A)irrelevant.
B)income statement first.
C)balance sheet first.
D)both done simultaneously.

Name: The order in which the income statement and balance sheet are normally completed is: A)irrelevant. B)income statement first. C)balance sheet first. D)both done simultaneously.
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Question

Quizplus · Accepted Answer

The income statement is prepared first to determine the net income or loss, which is then used in the equity section of the balance sheet.

The Order in Which the Income Statement and Balance Sheet