Which of the following is a summary of a firm's revenues and expenses during a specified accounting period, such as a year?
A) income statement
B) balance sheet
C) statement of financial position
D) statement of owners' equity

Question

Quizplus · Accepted Answer

An income statement summarizes a firm's revenues and expenses over a specified accounting period, such as a year. The balance sheet summarizes the firm's assets, liabilities, and equity at a point in time. The statement of financial position is another name for the balance sheet. The statement of owners' equity summarizes the changes in the firm's equity accounts over a specified accounting period.

Which of the Following Is a Summary of a Firm's