The income statement reports the difference between a firm's assets and its liabilities as of a certain date.

Name: The income statement reports the difference between a firm's assets and its liabilities as of a certain date.
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The income statement reports a firm's revenues and expenses over a period of time, not the difference between assets and liabilities at a certain date. The report that shows the difference between assets and liabilities as of a certain date is called the balance sheet.

The Income Statement Reports the Difference Between a Firm's Assets