A(n)____ is a financial statement that presents a picture of the organization's financial performance over a period of time as opposed to a single point in time.
A) balance sheet
B) operating budget
C) income statement
D) sales budget
E) capital expenditures budget

Question

Quizplus · Accepted Answer

An income statement, also known as a profit and loss statement, shows a company's revenue, expenses, and net income over a period of time, typically over a quarter or year. It is used to evaluate a company's financial performance and profitability. A balance sheet provides a snapshot of a company's financial position at a specific point in time, while operating, sales, and capital expenditures budgets are all forward-looking plans rather than historical statements.

A(n)____ Is a Financial Statement That Presents a Picture of the Organization's