Which of the following is not true?
A. The balances in the Income Statement debit column are expenses.
B. The difference between the totals of the Income Statement columns is net income or net loss.
C. The balances in the Income Statement credit column are unearned revenues.
D. The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns.
E. The balances in the Income Statement credit column are revenues.
Answer: C
You might also like to view...
Which of the following planners do best in terms of getting a start-up launched, keeping it going, and making a living from it?
A. Comprehensive planners B. Opportunistic planners C. Habit-based planners D. Reactive planners
Assume that x2, x7 and x8 are the dollars invested in three different common stocks from New York Stock Exchange. In order to diversify the investments, the investing company requires that no more than 60% of the dollars invested can be in "stock 2&q
The constraint for this requirement can be written as: A) x2 ? .60. B) x2 ? .60 (x2 + x7 + x8). C) .4x2 - .6x7 - .6x8 ? 0. D) .4x2 - .6x7 - .6x8 ? 0.
A price list is treated as an invitation to negotiate
Indicate whether the statement is true or false
The Restatement of Agency: A) is a summary of the common law agency
B) has been adopted in all states. C) is legislative law. D) None of the above