Which of the following statements lists revenues and expenses and shows the amount of profit a business makes for a specified period of time?
A) Balance sheet
B) Statement of retained earnings
C) Income statement
D) Cash flow statement

Question

Quizplus · Accepted Answer

The income statement lists revenues and expenses and calculates the net profit or loss for a specific period of time, such as a month or year. The balance sheet reports a company's assets, liabilities, and equity at a specific point in time, the statement of retained earnings shows changes in a company's retained earnings balance, and the cash flow statement reports inflows and outflows of cash during a specific period of time.

Which of the Following Statements Lists Revenues and Expenses and Shows