Question
witch one is right
What is an income statement? (1 point)
Responses
a list of all sources of income
a list of all sources of income
a statement of sales over time compared to COGS at any point of time
a statement of sales over time compared to COGS at any point of time
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time
a statement that compares assets to liabilities
What is an income statement? (1 point)
Responses
a list of all sources of income
a list of all sources of income
a statement of sales over time compared to COGS at any point of time
a statement of sales over time compared to COGS at any point of time
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time
a statement that compares assets to liabilities
Answers
GPT-4o mini
The correct response is:
**a statement that compares revenues to expenses and presents the net income (or loss) from a period of time.**
This accurately describes the purpose of an income statement, which shows how much money a company earned (revenues) and how much it spent (expenses) over a specific period, resulting in a net income or loss.
**a statement that compares revenues to expenses and presents the net income (or loss) from a period of time.**
This accurately describes the purpose of an income statement, which shows how much money a company earned (revenues) and how much it spent (expenses) over a specific period, resulting in a net income or loss.