A statement of profit and loss is another name for:

Question

Quizplus · Accepted Answer

A statement of profit and loss refers to the income statement, which shows a company's revenues, expenses, and net income or loss during a specific period. The balance sheet shows a company's assets, liabilities, and equity at a specific point in time. The statement of cash flows shows the inflow and outflow of cash within a company during a specific period. The statement of changes in equity shows the changes in a company's equity over a specific period. The accounting equation refers to the basic equation of accounting, Assets = Liabilities + Equity.

A Statement of Profit and Loss Is Another Name For