The income statement presents a summary of the:
A)cash inflows and outflows of an entity.
B)revenues and expenses of an entity.
C)assets and liabilities of an entity.
D)changes that occurred in the owner's equity of an entity.

Question

Quizplus · Accepted Answer

The income statement specifically summarizes the revenues and expenses of an entity, showing its financial performance over a certain period.

The Income Statement Presents a Summary of The