An income statement
A) summarizes the changes in retained earnings for a specific period of time.
B) reports the changes in assets, liabilities, and stockholders' equity over a period of time.
C) reports the assets, liabilities, and stockholders' 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. Option A describes a statement of retained earnings, option B describes a statement of financial position (balance sheet), and option C describes a snapshot of financial position at a specific date.

An Income Statement