The financial statement that shows revenue and expenses for a period of time is the
A) balance sheet.
B) income statement.
C) statement of owner's equity.
D) statement of cash flows.

Question

Quizplus · Accepted Answer

The income statement shows revenue and expenses for a specific period of time, typically a year or a quarter. The balance sheet shows the financial position of a company at a specific moment in time, while the statement of owner's equity shows changes in the owner's equity account. The statement of cash flows shows the inflows and outflows of cash for a period of time.

The Financial Statement That Shows Revenue and Expenses for a Period