Question

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 that compares assets to liabilities
a statement that compares assets to liabilities

a statement of sales over time compared to COGS at any point of time

Answer 1

The correct response is:

**a statement that compares revenues to expenses and presents the net income (or loss) from a period of time**.