An income statement reports the revenues earned minus expenses incurred by a business over a period of time.

Name: An income statement reports the revenues earned minus expenses incurred by a business over a period of time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An income statement summarizes the revenue earned by a business and its expenses over a certain period of time, typically a quarter or a year. The difference between revenue and expenses is the net income or net loss of the business.

An Income Statement Reports the Revenues Earned Minus Expenses Incurred