On an income statement, which of the following measures the profit or loss of a firm?
A) Wages payable
B) Net income
C) Total revenue
D) Taxable income

Question

Quizplus · Accepted Answer

Net income represents the profit or loss of a firm, calculated as total revenue minus total expenses. Options A, C, and D are all components of the income statement but do not necessarily indicate the overall profit or loss of the firm.

On an Income Statement, Which of the Following Measures the Profit