The time period covered by an income and expense statement is usually
A)a week or a month.
B)a month or a quarter.
C)a month or a year.
D)one to two years.
E)one to five years.

Question

Quizplus · Accepted Answer

The time period covered by an income and expense statement is usually a month or a year. This allows for a comprehensive overview of the expenses and income during a longer period, helping individuals and businesses to plan their finances accordingly. Although some businesses may choose to prepare statements for longer periods, such as one to five years, this is less common for individual income and expense statements.

The Time Period Covered by an Income and Expense Statement