After all expenses have been subtracted from revenues on an income statement, if the final figure is positive, it is known as which of the following?
A) owners' equity
B) net revenue
C) net profit
D) gross profit

Question

Quizplus · Accepted Answer

A positive final figure on an income statement after all expenses have been subtracted from revenues is known as net profit. Owners' equity is the residual interest in the assets of an entity after liabilities are deducted. Net revenue is the total revenue earned after subtracting any discounts, returns, or allowances. Gross profit is the revenue earned after subtracting only the cost of goods sold, not all expenses.

After All Expenses Have Been Subtracted from Revenues on an Income