A(n) ____ is a summary of a firm's revenues and expenses during a specified accounting period, such as a year.
A) income statement
B) balance sheet
C) capital statement
D) statement of financial position
E) statement of owners' equity

Question

Quizplus · Accepted Answer

An income statement, also known as a profit and loss statement, reports a company's revenues and expenses over a specific period of time, typically a year. It helps determine the profitability of a company by deducting expenses from revenues to arrive at a net income or loss. The other options listed are also financial statements, but they report different aspects of a company's financial position.

A(n) ____ Is a Summary of a Firm's Revenues and Expenses