Question

multiple choice question
the income statement is prepared from the adjusted trial balance using ____ and ____ accounts.

asset and expense
revenue and expense
asset and liability
equity and revenue
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Explanation:

The income statement's core purpose is to calculate net income (or loss) by matching total revenues against total expenses over a period. Asset, liability, and equity accounts are used in preparing the balance sheet, not the income statement.

Answer:

revenue and expense