Which of the following statements concerning the income statement is true?
A) The income statement is only used internally by the owners.
B) The characteristics that sometimes make the income statement hard to understand also provide temptation to "fudge" the numbers.
C) The income statement is also called the statement of financial position.
D) Values listed on the income statement are historical values.

Question

Quizplus · Accepted Answer

The statement is true because the income statement can be difficult to understand due to its complexity and the temptation to manipulate the numbers for personal gain.

Which of the Following Statements Concerning the Income Statement Is