Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?
A)The company made a net profit.
B)The company incurred a net loss.
C)The owner's capital account decreased during the period.
D)An error was made.

Question

Quizplus · Accepted Answer

When the credit column exceeds the debit column, it means that the total revenue and gains exceeded the total expenses and losses. This indicates that the company made a net profit.

Which of the Following Statements Is True If the Income