An income and expense 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 and expense statement includes information about the money coming in (income), the money going out (expenses), and whether there is any money left over (cash surplus) or deficit (when expenses exceed income). It does not include information about liabilities, net worth, savings, or profit/loss.

An Income and Expense Statement Includes