The ________ is an itemized financial statement of the income and expenses of a company's operations.
A) balanced scorecard
B) current ratio
C) return on investment
D) balance sheet
E) profit and loss statement

Question

Quizplus · Accepted Answer

A profit and loss statement is an itemized financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, typically a fiscal quarter or year. It is also known as an income statement and provides a snapshot of a company's financial performance over a given period. The other options listed are different financial metrics used to measure a company's financial health, but they do not provide the same level of detail as a profit and loss statement.

The ________ Is an Itemized Financial Statement of the Income