Which of the following is true about an income statement?
A)It reports activity for a period of time.
B)It does not include dividends paid.
C)It reports revenues and expenses.
D)All of the other answers are true.

Question

Quizplus · Accepted Answer

An income statement reports activity for a period of time, typically a month, quarter, or year. It includes revenues and expenses to determine net income or loss for the period. Dividends paid are not included in the income statement, but all of the other options are true.

Which of the Following Is True About an Income Statement