A firm's ________ reports the profit or loss for the firm over a specified time period.

Question

Quizplus · Accepted Answer

The income statement provides information about the revenue and expenses of a firm over a specified time period, which allows for the calculation of the profit or loss. The balance sheet provides information about a firm's assets, liabilities, and equity at a specific point in time. The cash flow statement provides information about a firm's cash inflows and outflows over a specified time period, which helps to explain changes in the firm's cash balance. The bank statement provides information about a firm's transactions with its bank, but does not provide a comprehensive view of the firm's financial performance.

A Firm's ________ Reports the Profit or Loss for the Firm