The accounting income statement "equation" is expressed as ____________.
A)assets + liabilities = equity
B)income - expenses = profit or loss
C)revenues - taxes = assets
D)expenses + debt = equity

Question

Quizplus · Accepted Answer

The accounting income statement equation is expressed as income - expenses = profit or loss. This equation shows how much money a company earned in terms of revenue and how much it spent on expenses to generate that revenue, ultimately resulting in either a profit or loss. Options A, C, and D do not accurately describe the accounting income statement equation.

The Accounting Income Statement "Equation" Is Expressed as ____________