A firm's______ reports the profit or loss for the firm over a specified time period.
A)cash flow statement
B)bank statement
C)balance sheet
D)income statement

Question

Quizplus · Accepted Answer

The income statement reports the profit or loss for the firm over a specified time period. The cash flow statement reports the inflow and outflow of cash during the same time period, the balance sheet reports the company's assets, liabilities, and equity at a specific point in time, and the bank statement shows the transactions between the company and its bank account.

A Firm's______ Reports the Profit or Loss for the Firm