Which of the following statements shows the difference in total revenue and total expenses and reports the performance of a business?
A) A balance sheet
B) An income statement
C) A statement of owner's equity
D) A funds flow statement

Question

Quizplus · Accepted Answer

An income statement shows the difference between total revenue and total expenses, and reports the performance of a business over a specific period of time (usually a month, quarter, or year). The other options (balance sheet, statement of owner's equity, and funds flow statement) provide different types of financial information, but do not show the difference between revenue and expenses.

Which of the Following Statements Shows the Difference in Total