Which of the following is not true of the Income Statement of a company that was formed 10 years ago?
A)Reports a Net Loss for the year if expenses are more than revenues.
B)Reports the financial effects of activities that have occurred since the company's inception.
C)Reports the amount of the increase in stockholders' equity this year as a result of the company's operations.
D)Reports Net Income which is not an account in the ledger.

Question

Quizplus · Accepted Answer

The Income Statement reports the financial effects of activities for a specific period, typically a year, not since the company's inception.

Which of the Following Is Not True of the Income