Which report shows you information on your income and expenses for a specific period?
A)Balance Sheet.
B)Comparative Budget report.
C)Money-out summary.
D)Profit and Loss.
E)None.

Question

Quizplus · Accepted Answer

The Profit and Loss report (also known as the Income Statement) shows the income and expenses for a specific period, making it the best choice in this scenario. The Balance Sheet shows assets, liabilities, and equity at a specific point in time, while the Comparative Budget report compares actual results to budgeted amounts. The Money-out summary report only shows expenses, not income.

Which Report Shows You Information on Your Income and Expenses