A firm's ________ reflects the results of its operations over a specified period and shows whether it is making a profit or is experiencing a loss.
A) statement of cash flows
B) income statement
C) forecast
D) balance sheet
E) operating budget

Question

Quizplus · Accepted Answer

The income statement shows a company's revenue, expenses, and net income or loss over a specific period. It is the primary financial statement used to determine a company's profitability.

A Firm's ________ Reflects the Results of Its Operations Over