An income statement
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

An income statement reports the revenues and expenses for a specific period of time, showing the company's financial performance over that period.

An Income Statement