A(n)____ is a statement summarizing the firm's revenue and expenses over an accounting period.
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of retained earnings

Question

Quizplus · Accepted Answer

An income statement, also known as a profit and loss statement, summarizes a company's revenue and expenses over a specific period. It provides a snapshot of a company's profitability, showing whether they made a profit or loss during the period analyzed.

A(n)____ Is a Statement Summarizing the Firm's Revenue and Expenses