Some revenue and expense items never go on the tax return,but do go on the income statement.

Question

Quizplus · Accepted Answer

The income statement is used to report a company's revenue and expenses for a specific period of time, regardless of whether they are taxable or not. Some revenue and expense items, such as interest income or amortization expenses, may not be taxable and therefore would not appear on a tax return, but would still be included on the income statement.

Some Revenue and Expense Items Never Go on the Tax