An Income Statement is all of the following except:
A) a formal report of business operations.
B) a profit and loss statement.
C) a statement of revenues less withdrawals and expenses.
D) a statement of income and expenses.

Question

Quizplus · Accepted Answer

An Income Statement reports revenues and expenses to show profit or loss, but it does not include withdrawals, which are shown in the statement of owner's equity.

An Income Statement Is All of the Following Except