The ____ shows the results of a firm's operations over a period of time, usually one year.
A) income statement
B) balance sheet
C) statement of cash flow
D) statement of financial position

Question

Quizplus · Accepted Answer

The income statement, also known as the profit and loss statement, shows the revenue, expenses, and net income (or loss) of a company for a specific period of time, usually one year. The balance sheet shows the financial position of a company at a specific point in time, while the statement of cash flows shows the inflow and outflow of cash during a specific period of time. The statement of financial position is another name for the balance sheet.

The ____ Shows the Results of a Firm's Operations Over