Which of the following is true of income statement accounts?
A)Costs incurred to help generate revenue are only reported as expenses on the income statement if they are paid in cash in the same period as the revenue received.
B)Revenue accounts are shown after the amount of expense accounts on the income statement.
C)Revenue accounts include accounts receivable,unearned revenue and cash accounts.
D)There is no net income account.

Question

Quizplus · Accepted Answer

The income statement does not have a "net income account"; instead, net income is the result of revenues minus expenses.

Which of the Following Is True of Income Statement Accounts