Gains and losses appear on which of the financial statements listed below?

Question

Quizplus · Accepted Answer

Gains and losses are typically reported on the income statement, which shows a company's revenue and expenses over a specific period of time. The balance sheet reports a company's assets, liabilities, and equity at a specific point in time. The retained earnings statement shows changes in a company's retained earnings account over a period of time. The cash flow statement shows the flow of cash into and out of a company during a specific period of time.

Gains and Losses Appear on Which of the Financial Statements