Frank,chief financial officer for a company,wants to take a look at the summary of expenses,revenues,and profits of the firm for the most recent quarter.He can best find this information by consulting the _____.
A)balance sheet
B)cash flow statement
C)statement of owners' equity
D)income statement

Question

Quizplus · Accepted Answer

The income statement summarizes the revenues, expenses, and profits of a company over a specific period, usually a quarter or a year. The balance sheet shows the company's financial position at a specific point in time, while the cash flow statement shows the inflow and outflow of cash in a company over a specific period. The statement of owners' equity shows the changes in the equity of a company over a specific period. Therefore, the best choice for Frank to find the summary of expenses, revenues, and profits for the most recent quarter is the income statement.

Frank,chief Financial Officer for a Company,wants to Take a Look