The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
A) prior period statement
B) statement of stockholders' equity
C) income statement
D) balance sheet

Question

Quizplus · Accepted Answer

The income statement summarizes the revenue and expenses of a business for a specific period of time, such as a month or year. A prior period statement refers to a financial statement that revises the results of a previous period, not the current one. A statement of stockholders' equity details the changes in a company's equity over a period. A balance sheet summarizes a company's assets, liabilities, and equity as of a specific date, not for a period of time.

The Financial Statement That Presents a Summary of the Revenues