Which of the following statements about an income statement is NOT true?
A) An income statement provides information on an organisation's profitability at a certain point in time.
B) An income statement includes revenues earned during a period,and expenses incurred in earning the revenues.
C) The expenses may include depreciation.
D) For revenue to be included,it is not necessary for cash to have been received.

Question

Quizplus · Accepted Answer

An income statement provides information on an organisation's profitability over a period of time, typically a month, quarter, or year, not at a certain point in time.

Which of the Following Statements About an Income Statement Is