You record _____ on an income and expense statement.
A) the value of your stock portfolio
B) your installment loan balance
C) your checking account balance
D) your cash on hand
E) your insurance premiums

Question

Quizplus · Accepted Answer

An income and expense statement, also known as a profit and loss statement, records revenues and expenses to show how a business has performed over a specific period. Insurance premiums are considered an expense and would be recorded on this statement. The other options (value of stock portfolio, installment loan balance, checking account balance, and cash on hand) relate to assets and liabilities, which are recorded on a balance sheet, not an income and expense statement.

You Record _____ on an Income and Expense Statement