Expenses are shown on the
A) balance sheet.
B) income statement.
C) statement of changes in stockholders' equity.
D) income statement and statement of changes in stockholders' equity.

Question

Quizplus · Accepted Answer

Expenses and revenues are reported on the income statement. Only permanent accounts are shown on the balance sheet. Net income is shown on the statement of stockholders' equity, but expenses are not.

Expenses Are Shown on the