Net income or loss may appear on the income statement of both a service business and a merchandising business.

Name: Net income or loss may appear on the income statement of both a service business and a merchandising business.
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Question

Quizplus · Accepted Answer

Net income or loss is a measure of profitability and can be calculated for both service and merchandising businesses by subtracting total expenses from total revenues. Therefore, it can appear on the income statement of both types of businesses.

Net Income or Loss May Appear on the Income Statement