The income statement reports all of the following except:
A) Net income or loss earned by a business.
B) The time period over which the earnings occurred.
C) Expenses incurred by a business.
D) Revenues earned by a business.
E) Assets owned by a business.

Question

Quizplus · Accepted Answer

The income statement reports revenues earned by a business and expenses incurred by a business during a specific time period, ultimately leading to the calculation of net income or loss. However, it does not report on the assets owned by a business.

The Income Statement Reports All of the Following Except