Please explain the meaning of the following statement, I don't understand. The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.
Please explain the meaning of the following statement, I don't understand. The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 23MC: Which of the following accounts would not be reported under revenue on a simple income statement? A....
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Please explain the meaning of the following statement, I don't understand.
The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.
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