Which of the following is a summary of what a company has earned and spent over a given period?
A) the balance sheet
B) the cash flow statement
C) the income statement
D) the trial balance

Question

Quizplus · Accepted Answer

The income statement (also called the profit and loss statement) summarizes a company's revenues and expenses over a specified period of time, typically quarterly or annually. It shows whether the company has made a profit or a loss during the period. The balance sheet shows a company's assets, liabilities, and equity at a particular point in time. The cash flow statement shows how cash moves into and out of a company over a specified period. The trial balance is a list of all accounts and their balances at a particular point in time, before adjustments and closing entries are made.

Which of the Following Is a Summary of What a Company