The income statement, also called the statement of financial position, provides information, at a point in time, on the firm's productive resources and the financing used to pay for those
resources.

Question

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The income statement, also known as the statement of profit and loss, provides information on a firm's revenues, expenses, and net income over a period of time. The statement of financial position is also known as the balance sheet and provides information on a firm's assets, liabilities, and equity at a point in time.

The Income Statement, Also Called the Statement of Financial Position