Net income
A)is accumulated in Owner's Capital.
B)is reported on the income statement.
C)occurs when revenues exceed expenses.
D)All of these choices.

Question

Quizplus · Accepted Answer

Net income is the amount of revenue that exceeds expenses and is reported on the income statement. It represents the profit earned by a company after all the expenses have been deducted from the revenue. This amount is then accumulated in Owner's Capital, which is the amount of money that the owner has invested in the business. Therefore, all of the given options are correct.

Net Income