Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of time?
A)income statement
B)balance sheet
C)statement of cash flows
D)tax reconciliation statement
E)market value report

Question

Quizplus · Accepted Answer

The income statement summarizes a company's revenue and expenses over a specified period of time (such as a quarter or a year) and shows the net profit or loss for that period. The other options (B, C, D, E) are financial statements that provide different information about a company's financial position or cash flows, but do not show revenue and expenses.

Which One of the Following Is the Financial Statement That