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. statement of owner's equity b. balance sheet c. prior period statement d. income statement

Question

Business

William Case

7 November, 15:12

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. statement of owner's equity b. balance sheet c. prior period statement d. income statement

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Prince Owens · Answer 1

Answer: Income statement.

Explanation:

Also known as the profit and loss account, the income statement is a financial record that shows the amount of money that a business establishment receives and spends during a certain period (week, month or year). The profit or loss is determined by subtracting the expenses from the income during a period.