A personal income statement shows
A)a detailed breakdown of cash income and expenses over a past period of time.
B)a comparison of income and expenses at a point in time.
C)your contribution to savings for the year by following strict accounting rules for determining net income.
D)all revenue,expense,asset,liability,and net worth items.

Question

Quizplus · Accepted Answer

A personal income statement provides a detailed breakdown of cash income and expenses over a past period of time, typically for a month or a year. It includes sources of income such as wages, investment income, and rental income, as well as expenses such as housing costs, transportation, and food. The purpose of a personal income statement is to help individuals track their spending and identify areas where they can potentially save money. Therefore, option A is the most appropriate answer.

A Personal Income Statement Shows