A(n) ________ is an itemized financial document of the income and the expenses of a company's operations.
A) balanced scorecard
B) appropriation account
C) surplus
D) fiscal policy
E) profit and loss statement

Question

Quizplus · Accepted Answer

A profit and loss statement, also known as an income statement, is a financial document that outlines a company's revenue and expenses over a certain period of time. It provides an itemized list of the company's income, cost of goods sold, gross profit, operating expenses, and net profit or loss. This statement helps companies analyze their financial performance and make informed decisions about their operations.

A(n) ________ Is an Itemized Financial Document of the Income