__________ is a summary of the profitability of the firm over a period of time, such as a year.
A) The balance sheet
B) The income statement
C) The statement of cash flows
D) The audit report
E) None of the options are correct.

Question

Quizplus · Accepted Answer

The income statement summarizes a company's revenues and expenses over a specific period, typically a fiscal quarter or year, showing the company's profitability during that time.

__________ Is a Summary of the Profitability of the Firm