The income and expense statement includes
A)income, liabilities, and net worth.
B)income, expenses, and cash surplus or deficit.
C)expenses, net worth, and cash surplus or deficit.
D)net worth, cash surplus or deficit, and income or expenses.
E)savings, cash surplus or deficit, and income or expenses.

Question

Quizplus · Accepted Answer

The income and expense statement includes the income earned by an individual or organization, expenses incurred, and the resulting cash surplus or deficit. It does not include liabilities, net worth, savings, or other financial metrics.

The Income and Expense Statement Includes