The income statement reports
A) revenues and expenses for a given point in time.
B) revenues and expenses for a specific date.
C) revenues, expenses, gains and losses for a specified period of time.
D) revenues, expenses, gains and losses for a specific date.

Question

Quizplus · Accepted Answer

The income statement is a financial statement that reports a company's financial performance over a specific period of time, typically a fiscal quarter or year. It includes revenues, expenses, gains, and losses to show the company's net income or loss during the period.

The Income Statement Reports