Question 44

The Net Income amount from the Income Statement is transferred to which of the following statements?

Question 44 options:

A.the loss statement

B.the profit statement

C.the retained earnings

D.the balance sheet

Question 45

An accounting system that involves recording the effects of each transaction as debits and credits is

Question 45 options:

A.recording on the T accounts

B.the double-entry system

C.the financial statement rule 201

D.completing business activities