_____ are accounting statements that show what has happened to an organization's revenue, expenses, and net profit over a period of time.
A) Statements of financial position
B) Balance sheets
C) Statements of stakeholders' equity
D) Income statements

Question

Quizplus · Accepted Answer

Income statements, also known as profit and loss statements, provide a summary of the organization's revenues, expenses, and net profit or loss over a specific period of time, such as a month or a year. This statement helps to assess the financial performance of the organization by revealing the amount of profit or loss generated by its operations.

_____ Are Accounting Statements That Show What Has Happened to an Organization's