Asked by
Adrianna Alexis
on Nov 15, 2024
Verified
If Ol' Fashioned Toys' Revenues are greater than its Expenses during the accounting period:
A) Assets will increase more than Liabilities.
B) Liabilities will increase more than Assets.
C) the business will incur a loss.
D) the business will earn a net income.
Revenues
The total income generated from normal business operations and other activities over a period.
Assets
Resources owned by a business that are expected to provide future economic benefits.
- Realize the consequences of revenue and costs on a firm's financial position.
- Learn about the constituent components of the basic accounting equation and their applications in practice.
Verified Answer
DD
Learning Objectives
- Realize the consequences of revenue and costs on a firm's financial position.
- Learn about the constituent components of the basic accounting equation and their applications in practice.