Which financial statement shows whether the business earned a profit or loss, and also lists the types and amounts of the revenues and expenses?
A) Balance sheet
B) Statement of changes in equity
C) Statement of cash flow
D) Income statement.
E) Statement of financial position

Question

Quizplus · Accepted Answer

The Income statement shows whether the business earned a profit or loss by listing the revenues and expenses. The other statements do not provide this information.

Which Financial Statement Shows Whether the Business Earned a Profit