Expenses are shown on the:
A) income statement
B) balance sheet
C) statement of changes in stockholders' equity
D) the income statement and statement of changes in stockholders' equity

Question

Quizplus · Accepted Answer

Expenses are one of the main components of the income statement, which reports a company's financial performance over a specific period of time. The income statement shows revenues and gains, expenses and losses, and the resulting net income or net loss for the period. Expenses are subtracted from revenues to calculate net income (or added to losses to calculate net loss). Expenses are not shown on the balance sheet or statement of changes in stockholders' equity, as these reports focus on the company's financial position and changes in equity over time, respectively.

Expenses Are Shown on The