On an income statement, ________ - ________ = ________.
A)assets; expenses; loss
B)revenue; liabilities; profit
C)revenue; expenses; profit (or loss)
D)revenue; expenses; owners' equity

Question

Quizplus · Accepted Answer

Revenue minus expenses equals profit (or loss) on an income statement. This is because revenue represents the total amount of money earned from sales or services, while expenses represent the costs incurred in generating that revenue. Subtracting expenses from revenue results in the overall profit (or loss) for the period.

On an Income Statement, ________ - ________ = ________

On an Income Statement, - =