The income statement shows
A) the financial position of a business on a specific date.
B) revenue and owner's equity.
C) the results of operations for a period of time.
D) the total value of the business.

Question

Quizplus · Accepted Answer

The income statement shows the financial performance of a business over a period of time, typically a month, quarter, or year. It includes revenue, expenses, and net income (or net loss). It does not show the financial position of a business on a specific date (that would be the balance sheet), owner's equity is also not the main focus of the income statement and it does not show the total value of the business.

The Income Statement Shows