The profit and loss statement is also referred as the ________.
A)balance sheet
B)statement of cash flows
C)revenue statement
D)income statement

Question

Quizplus · Accepted Answer

The profit and loss statement is commonly referred to as the income statement, as it shows the business's revenues, expenses, and profits or losses over a specific period. The balance sheet shows the business's financial position at a specific point in time, the statement of cash flows shows the inflow and outflow of cash during a period, and the revenue statement is not a commonly used term for a financial statement.

The Profit and Loss Statement Is Also Referred as the ________