An income statement is the financial statement that summarises the result of a business' earnings activities, that is:
A) Cash in, cash out and cash balance.
B) Assets, liabilities and owner's equity.
C) Inventory in, inventory out and inventory balance.
D) Revenues, expenses and net income.

Question

Quizplus · Accepted Answer

income statement shows revenue less expenses = net income

An Income Statement Is the Financial Statement That Summarises the Result