Net income is generally calculated in a separate and subsidiary account called:
A) A statement of cash flows.
B) A statement of retained earnings.
C) An income statement.
D) A statement of changes in equity.

Question

Quizplus · Accepted Answer

Net income is generally calculated in an income statement, which summarizes a company's revenues and expenses over a specific period, leading to a net income or loss for that period.

Net Income Is Generally Calculated in a Separate and Subsidiary