The income statement reports all of the following except:
A) Revenues earned by a business.
B) Expenses incurred by a business.
C) Assets owned by a business.
D) Net income or loss earned by a business.
E) The time period over which the earnings occurred.

Question

Quizplus · Accepted Answer

The income statement reports the revenues and expenses of a business, which are used to calculate the net income or loss for a specific period of time. It does not report assets owned by the business, which are instead reported on the balance sheet.

The Income Statement Reports All of the Following Except