Which financial statement shows the total revenues that a firm earns and the total expenses the firm incurs to generate those revenues over a specific period of time-generally one year?
A) Balance Sheet
B) Income Statement
C) Statement of Retained Earnings
D) Statement of Cash Flows

Question

Quizplus · Accepted Answer

The income statement, also known as the profit and loss statement, shows the revenues earned by a firm and the related expenses incurred over a specific period of time, usually one year. It helps to determine the profitability of the business during that period.

Which Financial Statement Shows the Total Revenues That a Firm