Which of the following financial statements summarizes the revenue generated and the expenses incurred by a firm during the accounting period?
A)Balance sheet
B)Statement of cash flows
C)Statement of retained earnings
D)Income statement
E)Proxy statement

Question

Quizplus · Accepted Answer

The income statement summarizes the revenue generated and the expenses incurred by a firm during the accounting period, resulting in net income or net loss. The other options, such as the balance sheet, statement of cash flows, statement of retained earnings, and proxy statement, provide different types of financial information.

Which of the Following Financial Statements Summarizes the Revenue Generated