Which of the following represents an attempt to measure the net results of the firm's operations (revenues versus expenses)over a given time period?
A) balance sheet
B) statement of cash flows
C) income statement
D) sources and uses of funds statement

Question

Quizplus · Accepted Answer

The income statement measures the net results of the firm's operations by subtracting expenses from revenues over a specific time period, typically a quarter or a year. It provides information on the firm's profitability during that time period. The balance sheet shows a snapshot of the firm's financial position at a given point in time, while the statement of cash flows explains how the firm generated and used its cash and cash equivalents during the period. The sources and uses of funds statement provides information on how the firm obtained and allocated financial resources.

Which of the Following Represents an Attempt to Measure the Net