Question
What is an income statement? (1 point)
Responses
a statement that compares assets to liabilities
a statement that compares assets to liabilities
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
Responses
a statement that compares assets to liabilities
a statement that compares assets to liabilities
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
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.**