A financial statement that reports the revenues generated and expenses incurred over an accounting period is called the:
A)income statement
B)balance sheet
C)statement of retained earnings
D)statement of cash flows

Question

Quizplus · Accepted Answer

The income statement reports the revenues generated and expenses incurred over a specific period of time, usually a month, quarter or year. The purpose of the income statement is to show the company's profitability during the period, which is calculated by subtracting expenses from revenues.

A Financial Statement That Reports the Revenues Generated and Expenses