Question Completion Status: Question 14 The income statement presents a summary of an entity's revenues and expenses for a period of time. Which of the following O A) There is net income when total revenues are lesser than total expenses. O B) There is a net loss when total expenses are lesser than total revenue. 0 C) There is a net loss when total expenses are greater than total liabilities O D) There is net income when total revenues are greater than total expenses Financial statements are prepared afer an entity's transactions are analyzed and recorded. Which of the following reports is o 0 A) Statement of cash flows O B) Statement of return on assets Question 15