The __________ presents revenue and expenses and the profit or loss for the stated time period.

Question

Quizplus · Accepted Answer

The income statement, also known as the profit and loss statement, provides information on a company's revenues and expenses for a specified period of time (such as a year or quarter) and calculates the resulting profit or loss. The balance sheet reports a company's assets, liabilities, and equity at a specific point in time, while the cash flow statement shows how money flows in and out of a company over a specified period of time. The operating budget is a plan for a company's income and expenses for a specified period in the future.

The __________ Presents Revenue and Expenses and the Profit or Loss