Which financial statement reports the results of a business's operations?
A) income statement
B) statement of changes in equity
C) balance sheet
D) statement of cash flows

Question

Quizplus · Accepted Answer

The income statement, also known as the profit and loss statement, shows a business's revenues and expenses over a specified period and reports the resulting net income or loss. Therefore, it reports the results of a business's operations.

Which Financial Statement Reports the Results of a Business's Operations