An income statement includes ________.
A)Land and Salaries Payable
B)Owner's Capital and Owner's Withdrawals
C)Furniture and Cash
D)Service Revenue and Utilities Expense

Question

Quizplus · Accepted Answer

An income statement, also known as a profit and loss statement or statement of operations, presents a summary of a company's revenues and expenses over a specific period of time. Therefore, it includes revenue accounts such as Service Revenue, as well as expense accounts such as Utilities Expense. Options A, B, and C are balance sheet accounts and are not typically included in an income statement.

An Income Statement Includes ________