The income statement includes
A) income,liabilities,net worth.
B) income,expenditures,surplus or deficit.
C) expenditures,net worth,surplus or deficit.
D) net worth,surplus,income or expenditures.
E) savings,surplus,income or expenditures.

Question

Quizplus · Accepted Answer

The income statement includes income (revenue), expenditures (costs or expenses), and the resulting surplus or deficit. Liabilities, net worth, savings, and other financial information may be found on a balance sheet or statement of financial position.

The Income Statement Includes