The Income Statement that is prepared from the adjusted trial balance begins with the:
A)first asset account listed on the adjusted trial balance.
B)first liability account listed on the adjusted trial balance.
C)first revenue account listed on the adjusted trial balance.
D)first expense account listed on the adjusted trial balance.

Question

Quizplus · Accepted Answer

The Income Statement starts with the first revenue account listed on the adjusted trial balance, as it primarily focuses on the company's revenues and expenses to calculate net income or loss.

The Income Statement That Is Prepared from the Adjusted Trial