An Income Statement is all of the following except:
A)a profit and loss statement.
B)a formal report of business operations.
C)a statement of income and expenses.
D)a statement of revenues less withdrawals and expenses.

Question

Quizplus · Accepted Answer

The Income Statement is a formal report of business operations that represents a statement of income and expenses, also referred to as a profit and loss statement. It shows the revenues earned and the expenses incurred during a specific period of time, providing the net income or loss of the business or entity. The term "withdrawals" is not typically used in an Income Statement, as it refers to the removal of funds by an owner or partner and is not considered an expense of the business.

An Income Statement Is All of the Following Except