The income statement measures the flow of funds into (i.e., revenue) and out of (i.e., expenses) the firm over a certain time period. It is always based on accounting data.

Name: The income statement measures the flow of funds into (i.e., revenue) and out of (i.e., expenses) the firm over a certain time period. It is always based on accounting data.
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Quizplus · Accepted Answer

The income statement is indeed based on accounting data and measures the flow of funds into and out of the firm over a certain time period.

The Income Statement Measures the Flow of Funds into (I