Which financial statement reports operating performance for a specific period of time?
A)Balance sheet
B)Income statement
C)Statement of changes in shareholders' equity
D)Statement of retained earnings
E)Statement of Cash Flows

Question

Quizplus · Accepted Answer

The income statement reports the operating performance of a company for a specific period of time, typically a month, quarter, or year, by showing its revenue and expenses and ultimately its net income or loss. It is also known as a profit and loss (P&L) statement.

Which Financial Statement Reports Operating Performance for a Specific Period