Which of the following statements regarding an individual's income and expense statement is true?
A)An income and expense statement describes your financial position at a given point in time.
B)An income and expense statement looks forward in time to control spending.
C)An income and expense statement identifies your financial goals.
D)An income and expense statement measures your financial performance over a period of time.
E)An income and expense statement can be used to predict inflation and interest rates.

Question

Quizplus · Accepted Answer

An income and expense statement, also known as a profit and loss statement, measures your financial performance over a specific period of time by summarizing your income and expenses.

Which of the Following Statements Regarding an Individual's Income and Expense