An Income Statement
A) summarizes the changes in owner's equity for a specific period of time.
B) reports the changes in assets, liabilities, and owner's equity over a period of time.
C) reports the assets, liabilities, and owner's equity at a specific date.
D) presents the revenues and expenses for a specific period of time.

Question

Quizplus · Accepted Answer

An Income Statement presents the revenues and expenses for a specific period of time, showing the company's net income or loss over that period.