What is an income statement? (1 point)
Responses
a list of all sources of income
a list of all sources of income
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 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 assets to liabilities
vc
1 answer
The correct response is:
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time.
An income statement summarizes the company's financial performance over a specific time period, showing how much revenue was earned and how much expense was incurred, ultimately resulting in a net income or loss.
