An income statement is an itemized statement for the purpose of providing information regarding the results of operations during a specified period of time.

Question

Quizplus · Accepted Answer

An income statement is indeed an itemized statement that shows the revenues and expenses of a business during a particular period, typically a month, quarter, or year. The statement is also known as a profit and loss statement, and it calculates the net income or loss by subtracting expenses from revenues.

An Income Statement Is an Itemized Statement for the Purpose