The income statement includes:
A) income,liabilities,and net worth.
B) income,expenditure,and cash surplus or deficit.
C) expenditures,net worth,and cash surplus or deficit.
D) net worth,surplus,and income or expenditures.
E) savings,surplus,and income or expenditures.

Question

Quizplus · Accepted Answer

The income statement includes income, expenditure, and cash surplus or deficit. It shows the revenue earned and expenses incurred by a company during a specific period of time, and whether it has generated a surplus or incurred a deficit. It is also known as the profit and loss statement.

The Income Statement Includes