Describe the income statement and the relation between revenues,expenses,and net income or loss.

Question

Sabrina Norman · Accepted Answer

Final Answer : The income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities.Revenues are the increases in equity from sales of products and services to customers.Expenses are the costs of providing products and services to customers.When revenues exceed expenses,net income occurs.When expenses exceed revenues,a net loss occurs.

Describe the income statement and the relation between revenues,expenses,and net income or loss.

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