Which of the following is TRUE if the Income statement debit column exceeds the Income statement credit column on a worksheet?
A)The capital account increased during the period.
B)Liabilities are greater than assets.
C)The company has a profit.
D)The company has a loss.

Question

Quizplus · Accepted Answer

If the Income statement debit column exceeds the Income statement credit column, it indicates that expenses are greater than revenues, resulting in a loss for the company.

Which of the Following Is TRUE If the Income Statement