The income statement is not also called the statement of
A)operations.
B)operating activity.
C)profit and loss.
D)receipts and disbursements.
E)All of the above are different names assigned to the income statement.

Question

Quizplus · Accepted Answer

The income statement is commonly referred to as the statement of operations, operating activity, or profit and loss, but not the statement of receipts and disbursements. The statement of receipts and disbursements is more akin to a cash flow statement, detailing the cash inflows and outflows, rather than the income statement's focus on revenue and expenses over a period to calculate net income.

The Income Statement Is Not Also Called the Statement of