If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has a net loss.

Name: If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has a net loss.
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Question

Quizplus · Accepted Answer

If total credits in the income statement columns exceed total debits, it indicates an error in the worksheet and does not necessarily mean that the enterprise has a net loss. A correct worksheet should have equal total debits and credits.

If Total Credits in the Income Statement Columns of a Worksheet