The ____________ shows total revenue minus total expenses.

Question

Quizplus · Accepted Answer

The income statement shows total revenue minus total expenses, providing a company with its net income or loss for a specific period. This statement is also known as the profit and loss statement. The balance sheet shows a company's assets, liabilities, and equity at a specific point in time, the statement of owner's equity shows the changes in the owner's equity over a period, and the cash flow statement shows the inflow and outflow of cash over a period.

The ____________ Shows Total Revenue Minus Total Expenses