A statement displaying components of profit or loss is referred to in AASB 101 as a(n):
A) profit and loss statement.
B) statement of income.
C) statement of financial performance.
D) income statement.

Question

Quizplus · Accepted Answer

AASB 101 refers to the statement displaying components of profit or loss as an income statement. The other options listed are also commonly used terms for this statement, but AASB 101 specifically uses the term income statement.

A Statement Displaying Components of Profit or Loss Is Referred