Which of the following selections correctly matches the financial statement with its description?
A) Income statement - tells how much a firm is making or losing.
B) Income statement - depicts the structure of a firm's assets and liabilities.
C) Balance sheet - shows where a firm's cash is coming from.
D) Balance sheet - tells how much a firm is making or losing.
E) Statement of cash flows - depicts the structure of a firm's assets and liabilities.

Question

Quizplus · Accepted Answer

The income statement shows a firm's revenues and expenses, allowing for calculation of net income or loss.

Which of the Following Selections Correctly Matches the Financial Statement