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

Question

Quizplus · Accepted Answer

The income statement summarizes a firm's revenues, expenses, and net income (or net loss) over a given period of time, such as a quarter or a year. It provides information about the profitability of the company's operations during that time frame.

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