The income statement shows the assets and liabilities of the company at a point in time.

Name: The income statement shows the assets and liabilities of the company at a point in time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The income statement shows the revenues and expenses of the company during a period of time, not the assets and liabilities at a point in time. The balance sheet shows the assets and liabilities at a point in time.

The Income Statement Shows the Assets and Liabilities of the Company