The net income or loss for the year can be found on the work sheet as the balance item at the bottom of either the Balance Sheet columns or the Income Statement columns.

Question

Quizplus · Accepted Answer

The net income or loss for the year is calculated by subtracting total expenses from total revenues on the income statement columns of the worksheet. This amount is then transferred to the balance sheet columns as the balance item at the bottom of the equity section, which represents the net income or loss for the year. Therefore, the statement "the net income or loss for the year can be found on the work sheet as the balance item at the bottom of either the Balance Sheet columns or the Income Statement columns" is true.

The Net Income or Loss for the Year Can Be