Net income for the period is determined by subtracting total expenses and drawings from
total revenues.

Name: Net income for the period is determined by subtracting total expenses and drawings from total revenues.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Net income for the period is determined by subtracting total expenses from total revenues. Drawings are not considered in the calculation of net income; they are distributions to owners and affect the equity, not net income.

Net Income for the Period Is Determined by Subtracting Total