The income statement presents a summary of the:
A) changes that occurred in the shareholders' equity of an entity
B) revenues and expenses of an entity for a specific time period
C) cash inflows and outflows of an entity
D) assets and liabilities of an entity

Question

Quizplus · Accepted Answer

The income statement presents the revenues and expenses of an entity for a specific time period to determine its net income or loss. It does not reflect changes in shareholders' equity or present information on cash inflows and outflows, assets, and liabilities.

The Income Statement Presents a Summary of The