The income statement lists the firm's ________.
A) assets and equities over a period of time
B) assets and liabilities over a period of time
C) variable costs and fixed costs at the end of the fiscal year
D) revenues and expenses over a period of time

Question

Quizplus · Accepted Answer

The income statement lists a company's revenues (or sales) and expenses over a specific period of time, usually a quarter or a year. The purpose of the income statement is to indicate the profitability of the company during the reporting period.

The Income Statement Lists the Firm's ________