The financial statement that summarizes a business's revenues and expenses for a specific time period is the
A) Balance Sheet.
B) Income Statement.
C) Statement of Stockholders' Equity.
D) Statement of Cash Flows.
E) Statement of Fund Balance.

Question

Quizplus · Accepted Answer

The Income Statement summarizes a business's revenues and expenses for a specific period, showing the net profit or loss.

The Financial Statement That Summarizes a Business's Revenues and Expenses