An income statement reports which of the following?
A)revenues,expenses,assets,and liabilities during an accounting period.
B)profit of a business at a point in time.
C)profit of a business for a period of time.
D)resources,liabilities,and shareholders' equity of a business at a point in time.

Question

Quizplus · Accepted Answer

An income statement is a financial report that shows a company's revenue, expenses, and net income or loss over a period of time, typically for a quarter or a year. Therefore, the correct option is (C) profit of a business for a period of time. Option (A) is incorrect because it includes assets and liabilities, which are typically reported on a balance sheet. Option (B) is incorrect because it refers to a single moment in time, while an income statement covers a period of time. Option (D) is incorrect because it refers to a balance sheet, not an income statement.

An Income Statement Reports Which of the Following