The Income Statement Presents a Summary of an Entity's Revenues

Multiple Choice

The income statement presents a summary of an entity's revenues and expenses for a period of time.Which of the following statements is TRUE?

A) There is net income when total revenues are greater than total expenses.
B) There is a net loss when total expenses are greater than total revenue.
C) There is a net loss when withdrawals are made.
D) Both A and B are true.