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

Question

Quizplus · Accepted Answer

When the income statement credit column exceeds the income statement debit column, it means that the company had more revenue than expenses during the period. This indicates that the company made a net profit.

Which of the Following Statements Is TRUE If the Income