Which of the four basic financial statements would contain a line item for expenses?
A) Balance sheet
B) Income statement
C) Statement of equity
D) Statement of cash flows

Name: Which of the four basic financial statements would contain a line item for expenses? A) Balance sheet B) Income statement C) Statement of equity D) Statement of cash flows
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Question

Quizplus · Accepted Answer

The income statement reports on the revenues less the expenses over the reporting period. Expenses only appear on the income statement.

Which of the Four Basic Financial Statements Would Contain a Line