The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called:

Question

Quizplus · Accepted Answer

An Income statement reports the revenues and expenses of the business over a specific period of time (often a month, quarter, or year) and calculates the net income or net loss for that period. It shows whether the business earned a profit or incurred a loss during the period.

The Financial Statement That Reports Whether the Business Earned a Profit