The __________ shows the organization's income over a specified period of time.

Question

Quizplus · Accepted Answer

The income statement, also known as the profit and loss statement, shows how much revenue a company earned over a specific period and the expenses it incurred to earn that revenue. The difference between total revenue and total expenses is the net income or net loss for that period. Therefore, the income statement reflects the organization's income over a specified period of time.

The __________ Shows the Organization's Income Over a Specified Period