Which of the following statements is TRUE if the income statement debit column exceeds the income statement credit column of a worksheet?
A) The company incurred a net loss.
B) Owner, Capital increased during the period.
C) The company made a net profit.
D) An error was made.

Question

Quizplus · Accepted Answer

If the income statement debit column (expenses) exceeds the income statement credit column (revenues), then the company incurred a net loss for the period.

Which of the Following Statements Is TRUE If the Income