Profit and Loss Statement includes the following account types:
A)Assets,Revenues,Expenses and Liabilities.
B)Assets,Revenues,and Owners' Equity.
C)Expenses,Liabilities,and Owners' Equity.
D)Revenues and Expenses.

Question

Quizplus · Accepted Answer

The Profit and Loss Statement, also known as the Income Statement, only includes the account types of Revenues and Expenses. It is used to calculate the net profit or loss of a business during a particular period of time. Assets, Liabilities, and Owners' Equity are included in the Balance Sheet.

Profit and Loss Statement Includes the Following Account Types