Multiple Choice
Net income is:
A) Assets minus liabilities.
B) The excess of revenues over expenses.
C) The excess of expenses over revenues.
D) A revenue.
E) The same as equity.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q16: Accounting is an information system that identifies,measures,records
Q17: The Accounting Standards Board (AcSB), is the
Q80: The statement of cash flows measures the
Q103: Business transactions are exchanges of economic consideration
Q109: Identify the three forms of business organizations.
Q138: What is the statement of financial position?
Q145: The excess of expenses over revenues for
Q150: Celery Company has assets of $150,000, liabilities
Q157: Transactions that impact only assets do not
Q192: Describe non-business organizations