Income and expenses are reported on a(n):
A) statement of comprehensive income.
B) balance sheet.
C) liability statement.
D) asset statement.

Question

Quizplus · Accepted Answer

Income and expenses are reported on a statement of comprehensive income, which shows the financial performance of a company over a certain period of time. The balance sheet, liability statement, and asset statement show the financial position of a company at a certain point in time, but do not report on income and expenses.

Income and Expenses Are Reported on A(n)