A financial statement that summarises the organisation's financial performance at a given time interval is called a:
A) capital expenditure budget
B) balance sheet
C) cash budget
D) profit budget
E) income statement.

Question

Quizplus · Accepted Answer

An income statement (also known as profit and loss statement) is a financial statement that summarises the organisation's financial performance over a specific time period, typically a month, quarter, or year. It shows the revenue, expenses, and net income (or loss) of the organisation during that time interval. Therefore, option E is the correct answer. Option A refers to a budget for capital expenditures, option B refers to a snapshot of the organisation's financial position at a particular moment, option C refers to a projection of cash inflows and outflows, and option D refers to a budget for expected profits or earnings.

A Financial Statement That Summarises the Organisation's Financial Performance at a Given