What is an income statement? (1 point)

Question

Responses

a list of all sources of income
a list of all sources of income

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
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

Answer 1

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

Answer 2

Which is the best description of a balance sheet?(1 point)
Responses

a statement that balances assets to liabilities and equity
a statement that balances assets to liabilities and equity

a statement listing retained earnings
a statement listing retained earnings

a list of outstanding debt compared to revenue
a list of outstanding debt compared to revenue

a comparison of revenue to SG&A and COGS

Answer 3

a statement that balances assets to liabilities and equity