The income statement reports the financial:
A) position of an entity at a specific period of time.
B) performance of an entity over a specified period of time.
C) position of an entity over a specified period of time.
D) performance of an entity at a specific period of time.

Question

Quizplus · Accepted Answer

The income statement reports the financial performance of an entity over a specified period of time, usually for one year. It shows the revenues earned and expenses incurred by the entity during that period, as well as any gains or losses. The result of the income statement is the net income or net loss of the entity.

The Income Statement Reports the Financial