The income and expense statement is a summary of actual income earned and expenses made over a specific point of time.

Name: The income and expense statement is a summary of actual income earned and expenses made over a specific point of time.
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Question

Quizplus · Accepted Answer

The statement is also known as a profit and loss statement or P&L statement. It helps to determine the profitability of a business or individual by subtracting the total expenses from total revenue.

The Income and Expense Statement Is a Summary of Actual