An itemized financial statement of the income and expenses of a company's operations is referred to as the
A)statement of cash flow.
B)profit and loss statement.
C)balance sheet.
D)expense report.
E)financial ratio statement.

Question

Quizplus · Accepted Answer

A profit and loss statement, also known as an income statement, provides a detailed breakdown of a company's revenues, expenses, and net income or loss over a specific period of time. It is an important financial statement that helps businesses track their financial performance and identify areas for improvement. The other options (A, C, D, E) are also important financial documents, but they do not provide the itemized breakdown of income and expenses that is specifically referred to in the question.

An Itemized Financial Statement of the Income and Expenses of a Company's