A(n)____ shows how much money a business makes or loses over a specified period of time.
A) income projection
B) expense report
C) profit analysis
D) income statement

Question

Quizplus · Accepted Answer

An income statement shows how much money a business makes or loses over a specified period of time by subtracting expenses from revenue. This is also known as a profit and loss (P&L) statement or statement of operations. Choices A and B are not accurate descriptions of an income statement, and choice C is partially correct but not as specific as choice D.

A(n)____ Shows How Much Money a Business Makes or Loses