Which of the following statements regarding the income statement is NOT CORRECT?
A)The income statement shows the flow of earnings and expenses generated by the firm between two dates.
B)The income statement shows the earnings and expenses at a given point in time.
C)The last or"bottom" line of the income statement shows the firm's net income.
D)The first line of an income statement lists the revenues from the sales of products or services.

Question

Quizplus · Accepted Answer

The income statement shows the earnings and expenses over a specific period of time, such as a month, a quarter, or a year. It does not show the earnings and expenses at a given point in time.

Which of the Following Statements Regarding the Income Statement Is