When an entity's revenues exceed its expenses for a period of time,the entity will report net income.

Name: When an entity's revenues exceed its expenses for a period of time,the entity will report net income.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is true. Net income is calculated by subtracting an entity's expenses from its revenues for a given period, and if the revenues exceed expenses, the result is positive and referred to as net income.

When an Entity's Revenues Exceed Its Expenses for a Period