If total credits exceed total debits in the Balance Sheet columns of a work sheet,
A) a mistake has been made.
B) a net income has occurred.
C) assets exceed liabilities.
D) no conclusion can be drawn until the closing entries have been made.
E) a net loss has occurred.

Question

Quizplus · Accepted Answer

The Answer of If total credits exceed total debits in the Balance Sheet columns of a work sheet,
A) a mistake has been made.
B) a net income has occurred.
C) assets exceed liabilities.
D) no conclusion can be drawn until the closing entries have been made.
E) a net loss has occurred.

If Total Credits Exceed Total Debits in the Balance Sheet