The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n)

Question

Quizplus · Accepted Answer

The statement that presents the summary of revenues and expenses of a business for a specific period of time is known as the income statement or profit and loss statement. The income statement shows the revenue earned by the business, along with the cost of goods sold and the various expenses incurred in generating the revenue. It is used by investors and creditors to evaluate the profitability of the business. Therefore, the correct answer is option C - Income Statement.

The Financial Statement That Presents a Summary of the Revenues