Another name for an income statement is a:
A)Statement of cash flows
B)Balance sheet
C)Operating statement
D)Statement of owner's equity
E)Profit & loss statement

Question

Quizplus · Accepted Answer

A profit and loss statement is another name for an Income Statement. A common abbreviation for a profit and loss statement is P & L.
Key Takeaway: The income statement shows a summary of the company's profit or loss during a given timeframe. It records all revenues, as well as operating expenses.

Another Name for an Income Statement Is A