The income statement reveals
A) resources and equities of a firm at a point in time.
B) resources and equities of a firm for a period of time.
C) net earnings (net income) of a firm at a point in time.
D) net earnings (net income) of a firm for a period of time.

Question

Quizplus · Accepted Answer

The income statement reveals the net earnings (net income) of a firm for a period of time, usually for a fiscal year or quarter. It shows the revenues and expenses incurred by the company during that period, and their resulting profit or loss.

The Income Statement Reveals