Net income is:
A)The excess of debits over credits.
B)The increase in owners' equity resulting from the profitable operations of the business.
C)The excess of liabilities over assets.
D)The increase in assets of a company during a year.

Question

Quizplus · Accepted Answer

Net income is the profit of a company after deducting all expenses from its revenue. It is an increase in owners' equity resulting from profitable operations.

Net Income Is