In terms of the expanded accounting equation the Income statement is prepared from the data in the
A) assets column.
B) liabilities column.
C) owner's equity column.
D) liabilities and owner's equity column.

Question

Quizplus · Accepted Answer

The income statement is prepared by subtracting expenses from revenues, which are both found in the owner's equity column of the expanded accounting equation.

In Terms of the Expanded Accounting Equation the Income Statement