Net income:
A)Occurs when revenues exceed expenses.
B)Is the same as revenue.
C)Equals resources owned or controlled by a company.
D)Occurs when expenses exceed assets.
E)Represents assets taken from a company for an owner's personal use.

Question

Quizplus · Accepted Answer

Net income refers to the amount of income that a company has left over after deducting all expenses from total revenue. It is a measure of profitability and occurs when revenues exceed expenses.

Net Income