A statement of income
A)summarizes the changes in retained earnings for a specific period of time.
B)reports the changes in assets, liabilities, and shareholders' equity over a period of time.
C)reports the assets, liabilities, and shareholders' equity at a specific date.
D)reports the revenues and expenses for a specific period of time.

Question

Quizplus · Accepted Answer

A statement of income, also known as an income statement or profit and loss statement, specifically reports a company's revenues and expenses over a particular period of time, leading to net profit or loss for that period.

A Statement of Income