What is an income statement?

Question

A statement that compares revenues to expenses and presents the net income (or loss) from a period of time.
A list of all sources of income.
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 answer is: A statement that compares revenues to expenses and presents the net income (or loss) from a period of time.