witch one is right

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 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
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

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.

This accurately describes the purpose of an income statement, which shows how much money a company earned (revenues) and how much it spent (expenses) over a specific period, resulting in a net income or loss.