The income and expense statement measures your financial:
A) obligations that have been paid.
B) performance over time.
C) current position.
D) liquid assets.
E) long-term objectives.

Question

Quizplus · Accepted Answer

The income and expense statement, also known as the income statement or profit and loss statement, measures a business's financial performance over a specific period of time. It shows the revenue earned and the expenses incurred during that time, providing a snapshot of whether the business is making a profit or a loss.

The Income and Expense Statement Measures Your Financial