Which of the following statements is true if the income statement debit column exceeds the income statement credit column on a worksheet?
A)The company has a net loss.
B)The capital account increased during the period.
C)The company has net income.
D)The liabilities are greater than assets.

Question

Quizplus · Accepted Answer

If the income statement debit column (which includes expenses) exceeds the income statement credit column (which includes revenues), the company has incurred a net loss. This means that the expenses were greater than the revenues earned during the period.

Which of the Following Statements Is True If the Income