The ____ shows an organization's bottom line (profit or loss)and summarizes activities over a period of time.
A) income statement
B) balance sheet
C) internal audit
D) operations budget
E) pro forma statement

Question

Quizplus · Accepted Answer

The income statement shows an organization's revenues and expenses over a period of time, resulting in either a profit or loss. It is also known as the profit and loss statement or P&L statement. The balance sheet, on the other hand, shows an organization's assets, liabilities, and equity at a specific point in time. Internal audit is a review of an organization's internal controls and procedures. The operations budget is a financial plan that outlines an organization's expected revenue and expenses for a specific period of time. A pro forma statement is a financial projection based on assumptions and estimates.

The ____ Shows an Organization's Bottom Line (Profit or Loss)and