Revenues and expenses are reported on both the income statement and the statement of retained earnings.

Name: Revenues and expenses are reported on both the income statement and the statement of retained earnings.
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Question

Quizplus · Accepted Answer

Revenues and expenses are reported on the income statement, not on the statement of retained earnings. The statement of retained earnings primarily shows changes in retained earnings over a period, including net income (from the income statement) and dividends.

Revenues and Expenses Are Reported on Both the Income Statement