Question
What is an income statement?
A statement of sales over time compared to COGS at any point of time
A list of all income
A statement that compares assets to liabilities
A statement that compares revenues to expenses and presents the net income (or loss) from a period of time
A statement of sales over time compared to COGS at any point of time
A list of all income
A statement that compares assets to liabilities
A statement that compares revenues to expenses and presents the net income (or loss) from a period of time
Answers
GPT-4o mini
An income statement is **a statement that compares revenues to expenses and presents the net income (or loss) from a period of time**. It summarizes the company's financial performance over a specific period, showing how much money was made (revenues) and how much was spent (expenses), ultimately revealing the profit or loss generated during that timeframe.