Jackson, chief financial officer for a company, is interested in a summary of all the costs related to producing revenues for the most recent quarter. He can best find this information by consulting the ______ section of the ______.

Question

Quizplus · Accepted Answer

The expenses section of the income statement provides a summary of all the costs related to producing revenues for a specific period of time (such as a quarter). The current asset and current liability sections of the balance sheet provide information on assets and liabilities that are expected to be converted to cash or paid within one year, respectively. The operating section of the cash flow statement provides information about cash inflows and outflows related to the company's operations. Therefore, the best choice is C, the expense section of the income statement.

Jackson, Chief Financial Officer for a Company, Is Interested in a Summary