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Accounting
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Net income results when:

A. Revenues=Expenses.

B. Assets>Liabilities.

C. Revenues<Expenses.

D. Revenues>Expenses.

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Joshua Stredder
Joshua StredderLv10
1 Feb 2021
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Related questions

The usual ordering of accounts in the general ledger is?

a. liabilities, assets, shareholders' equity, revenues, and expenses

b. shareholders' equity, assets, liabilities, expenses, and revenues.

c. assets, Liabilities, shareholders' equity, revenues, and expenses.

d. assets, liabilities, shareholders' equity, expenses, and revenues. 

2 The correct order for select elements on a chart of accounts is: a. Assets, revenues, liabilities, expenses, equity b. Assets, liabilities, revenues, expenses, equity C. Expenses, revenues, equity, assets, liabilities d. Assets, liabilities, equity, revenues, expenses e. None of the above The correct answer is 'd'.

Credits are used to record

a. decreases to assets and increases to expenses, liabilities, revenues, and stockholder's equity.

b. decreases to assets and expenses and increases to liabilities, revenues, and stockholder's equity.

c. increases to assets and decreases to expenses, liabilities, and stockholder's equity. 

d. increases to assets and expenses and decreases to revenues, liabilities, and stockholder's equity.

e. decreases to assets and stockholder's equity and increases to liabilities, expenses, and revenues.

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