The __________ is commonly referred to as one of the three primary financial statements.
A)statement of comprehensive income
B)statement of owners' equity
C)income statement
D)balance sheet

Question

Quizplus · Accepted Answer

The income statement is one of the three primary financial statements, along with the balance sheet and statement of cash flows. It is used to report a company's revenues and expenses, as well as its net income or loss for a specific period of time. The statement of comprehensive income is a more comprehensive version of the income statement, and the statement of owners' equity is used to report changes in a company's equity accounts.

The __________ Is Commonly Referred to as One of the Three