The statement that presents a summary of the revenues and expenses of an entity is called the:

Question

Quizplus · Accepted Answer

The income statement presents a summary of the revenues and expenses of an entity over a specific period of time, typically a month or a year, and is also known as the profit and loss statement or P&L statement. It shows whether the entity earned a profit or incurred a loss during the period by subtracting expenses from revenues.

The Statement That Presents a Summary of the Revenues and Expenses