The financial statement summarizing a firm's accounting performance over a period of time is the:
A)income statement.
B)statement of financial position.
C)statement of cash flows.
D)tax reconciliation statement.
E)shareholders' equity sheet.

Question

Quizplus · Accepted Answer

The income statement summarizes a firm's revenue, expenses, and net income (or loss) over a specific period of time. This is typically done on a quarterly or annual basis and is an important tool for evaluating a company's financial performance.

The Financial Statement Summarizing a Firm's Accounting Performance Over a Period