All of the statements are true about the income statement EXCEPT the income statement:
A)data appears as revenues and expenses under Retained Earnings.
B)reports revenues and expenses.
C)reports a net income or a net loss.
D)is as of a specific date and not a period of time.

Question

Quizplus · Accepted Answer

The income statement reports revenues and expenses for a period of time, typically a month, quarter, or year. It does not report as of a specific date. The other statements are true about the income statement.

All of the Statements Are True About the Income Statement