An income statement includes:
A)income, liabilities, and net worth.
B)income, expenses, and cash surplus or deficit.
C)expenses, net worth, and cash surplus or deficit.
D)net worth, surplus, and profit or loss.
E)savings, surplus, and profit or loss.

Question

Quizplus · Accepted Answer

An income statement, also known as a profit and loss statement, primarily includes income, expenses, and the resulting net profit or loss, which can be considered a cash surplus or deficit. It does not directly include liabilities, net worth, or savings.

An Income Statement Includes