A company's controller is reviewing the firm's total revenues less total costs between Jan.1 and June 30.Which financial statement is the controller reviewing?
A) income statement
B) balance sheet
C) statement of cash flow
D) statement of financial position

Question

Quizplus · Accepted Answer

The controller is reviewing the company's total revenues less total costs, which indicates the company's profitability over a specific period of time. This information is typically found in the income statement. The balance sheet shows the company's assets, liabilities, and shareholders' equity at a specific point in time, while the statement of cash flow shows the inflow and outflow of cash over a specific period of time. The statement of financial position is not a commonly used financial statement.

A Company's Controller Is Reviewing the Firm's Total Revenues Less