The three basic elements of the income statement are ________.
A)operating activities,investing activities,and financing activities
B)assets,liabilities,and shareholders' equity
C)revenues,expenses,and net income or loss
D)retained earnings,net income,and dividends

Question

Quizplus · Accepted Answer

The three basic elements of the income statement are revenues, expenses, and net income or loss. Operating activities, investing activities, and financing activities are related to the statement of cash flows. Assets, liabilities, and shareholders' equity are related to the balance sheet. Retained earnings, net income, and dividends are related to the statement of retained earnings.

The Three Basic Elements of the Income Statement Are ________