If the income statement covered a six-month period ending on November 30, 2019, the third line of the income statement heading would read:
A)Month of November, 2019.
B)November 30, 2019.
C)Six-month Period Ended November 30, 2019.
D)Month Ended November 30, 2019.

Question

Quizplus · Accepted Answer

The third line of the income statement heading should state the time period covered by the statement. In this case, it is a six-month period, which should be mentioned in the heading. Choice A and D suggest that the income statement only covers the month of November, which is incorrect. Choice B states only the end date of the period, but does not mention the duration. Therefore, the best choice is C, which accurately states the time period covered by the income statement.

If the Income Statement Covered a Six-Month Period Ending on November