Net Income from the Income Statement is transferred into which of the following on the Balance Sheet?

A. Assets

B. Liabilities

C. Retained Earnings

D. Shareholder's Capital

Which of the following is the crucial formula to the Balance Sheet?

A. First Accounting Equation

B. Fundamental Accounting Equation

C. Accounting Balance Equation

D. Balance Sheet Formula

Credits are used on which of the following categories?

A. Assets

B. Liabilities

C. Shareholder's Equity

D. All of the Above

The equation Revenue - Expenses = Profit is used for what document?

A. Statement of Equity and Retained Earnings

B. Balance Sheet

C. Income Statement

D. Statement of Cash Flow