The income statement measures the:
A)amount of revenue earned during the current period.
B)the change in value of a company.
C)true values of revenues and expenses without using estimates.
D)amount of cash generated by the business.

Question

Quizplus · Accepted Answer

The income statement summarizes the financial impact of operating activities undertaken by the company during the accounting period.It includes three main sections: revenues,expenses,and net income.The other answer choices describe common misconceptions about the income statement.

The Income Statement Measures The