The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time,such as a month or year,is called a(n)
A) prior period statement
B) retained earnings statement
C) income statement
D) balance sheet

Question

Quizplus · Accepted Answer

The income statement is the financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year. The retained earnings statement shows changes in the retained earnings balance and the prior period statement is not a common financial statement. The balance sheet presents a snapshot of a company's financial position at a specific point in time.

The Financial Statement That Presents a Summary of the Revenues