The _____ is a financial statement that reports the revenues, expenses, and net income that resulted from a firm's operations over an accounting period.
A) balance sheet
B) income statement
C) statement of cash flows
D) cash budget

Question

Quizplus · Accepted Answer

The income statement reports the financial performance of a company over a specific period of time, showing the revenues generated, expenses incurred, and resulting net income or loss. The balance sheet reports the financial position of a company at a specific point in time, showing its assets, liabilities, and equity. The statement of cash flows reports the cash inflows and outflows of a company over a specific period of time, showing the changes in cash and cash equivalents. The cash budget is a forecast of a company's expected cash inflows and outflows for a specific period of time.

The _____ Is a Financial Statement That Reports the Revenues