The purpose of the income statement is to show the:
A)change in the fair value of the assets from the prior income statement.
B)market value per share of stock at the date of the statement.
C)revenues collected during the period covered by the statement.
D)net income or net loss for the period covered by the statement.

Question

Quizplus · Accepted Answer

The income statement is designed to show the net income or net loss for a specific period, reflecting the company's financial performance by summarizing revenues and expenses.

The Purpose of the Income Statement Is to Show The