The ________ provides a financial summary of the firm's operating results during a specified period.
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of retained earnings

Question

Quizplus · Accepted Answer

The income statement, also known as profit and loss statement, summarizes the revenues, expenses, and net income (or loss) of a company for a specific period, such as a quarter or a year. It provides a clear picture of the financial performance of the company during that period, showing whether it made a profit or a loss. The income statement is a crucial financial statement used by investors, creditors, and management to make informed decisions about the company.

The ________ Provides a Financial Summary of the Firm's Operating