Profits or losses incurred by an organization are represented in its _____.
A)expense budget
B)income statement
C)ratio analysis
D)capital expenditures budget
E)balance sheet

Question

Quizplus · Accepted Answer

The income statement summarizes an organization's financial results,or its revenues and expenses,over a specified period of time,such as a quarter or a year.The difference between revenues and expenses,called the bottom line,represents the profits or losses incurred over the specified period of time.

Profits or Losses Incurred by an Organization Are Represented in Its