the personal income statement is a list of revenues and expenses for a specific period of time. true or…

the personal income statement is a list of revenues and expenses for a specific period of time. true or false?\ntrue\nfalse\nquestion 2\n1 pts\nfor each entry in the books of account, there is a debit entry and a credit entry to keep the fundamental bookkeeping equation in balance.\ntrue\nfalse

the personal income statement is a list of revenues and expenses for a specific period of time. true or false?\ntrue\nfalse\nquestion 2\n1 pts\nfor each entry in the books of account, there is a debit entry and a credit entry to keep the fundamental bookkeeping equation in balance.\ntrue\nfalse

Answer

Brief Explanations:

  1. A personal income statement indeed lists revenues and expenses over a specific time - period, which is its fundamental nature.
  2. In double - entry bookkeeping, for every transaction recorded in the books of account, a debit and a credit entry are made to maintain the balance of the fundamental bookkeeping equation (Assets = Liabilities + Equity).

Answer:

  1. A. True
  2. A. True