Which of the following selections correctly matches the financial statement with its description?

Question

Quizplus · Accepted Answer

The income statement shows a firm's revenue, expenses, and net income or loss for a specific period of time.

Answer: C
 The balance sheet shows a firm's assets, liabilities, and equity at a specific point in time, but does not directly show income or loss.

Answer: E
 The statement of cash flows shows the cash inflows and outflows for a firm during a specific period, but does not directly show the structure of assets and liabilities.

Which of the Following Selections Correctly Matches the Financial Statement