An income statement reports which of the following?

Question

Quizplus · Accepted Answer

An income statement reports the profit of a business for a specific period of time, typically for a month, quarter, or year. It shows the revenue generated from sales, subtracts the cost of goods sold and any other expenses incurred during that period, and provides the resulting net income or loss. The report does not include information about resources, liabilities, or equity at a point in time, or about accounting elements such as assets and liabilities. Therefore, the correct answer is C.

An Income Statement Reports Which of the Following