The Income Statement Is Important Because It

The income statement is important because it:

A) balances all of the assets, liabilities, and owner's equity of a business.
B) determines the cash flow of a business for the current period.
C) plays a key role in the decision-making of the business' users by communicating revenues, expenses, and net income (or net loss) for the period.
D) helps internal users determine liabilities at a specific point in time.