Which of the following reports a company's results of operations?
A) Balance sheet
B) Statement of owner's equity
C) Adjusted trial balance
D) Income statement

Question

Quizplus · Accepted Answer

The income statement reports a company's results of operations, including revenues and expenses, and ultimately calculates the net income or loss for a particular period. The balance sheet reports a company's assets, liabilities, and equity at a specific point in time, while the statement of owner's equity shows the changes in equity over a period of time. The adjusted trial balance is an internal document used to ensure that all accounts are correctly recorded before preparing financial statements.

Which of the Following Reports a Company's Results of Operations