The statement of financial performance provides information on:
A)the financial structure of the business.
B)the financial position of the business.
C)how successful the business was in generating wealth.
D)cash inflows and outflows for the accounting period.

Question

Quizplus · Accepted Answer

The statement of financial performance, also known as the income statement or profit and loss statement, provides information on the financial success of a business in generating wealth. It reports on revenues, expenses, gains, and losses for a specific period, resulting in a net income or loss. It does not provide information on the financial structure, financial position, or cash flows of the business.

The Statement of Financial Performance Provides Information On