Asked by Maryana Bilska on Apr 26, 2024

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If Expenses are greater than Revenues, a net income is incurred.

Expenses

Costs incurred in the process of generating revenues, including operating costs, taxes, and interest payments.

Revenues

The total amount of money received by the company for goods sold or services provided during a certain time period.

Net Income

The amount of profit remaining after all expenses, taxes, and costs have been subtracted from total revenue.

  • Examine the method of documenting revenues and expenses and evaluate their effect on net income.
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Kylie OlsonApr 28, 2024
Final Answer :
False
Explanation :
If expenses are greater than revenues, a net loss is incurred, not net income. Net income occurs when revenues exceed expenses.