The income statement is also referred to as the ________.
A) profit-and-loss statement
B) bottom line
C) revenue account
D) winning and losses

Question

Quizplus · Accepted Answer

The income statement is often referred to as the profit-and-loss statement because it provides information on a company's revenues and expenses, and ultimately its net profit or loss. Option B (bottom line) is also an acceptable term for the net profit or loss figure, but it does not encompass the entire income statement. Option C (revenue account) is not accurate as the income statement includes both revenue and expenses. Option D (winning and losses) is not a commonly used term for the income statement.

The Income Statement Is Also Referred to as the ________