Asked by Micaila Reinschild on May 18, 2024
Verified
The income statement contains:
A) Liabilities.
B) Revenues.
C) Expenses.
D) Both B and C are correct.
Income Statement
A financial report summarizing the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.
Revenues
Revenue earned by a company primarily through its sales of products and services to buyers, as part of its regular operations.
- Differentiate among assets, liabilities, equity, revenues, and expenses.
- Achieve insight into the sequence and formulation of financial statements.
Verified Answer
CS
Cameron ShorteMay 25, 2024
Final Answer :
D
Explanation :
The income statement includes revenues and expenses, which are used to calculate the net income or loss for a period. Liabilities are not included in the income statement; they are reported on the balance sheet.
Learning Objectives
- Differentiate among assets, liabilities, equity, revenues, and expenses.
- Achieve insight into the sequence and formulation of financial statements.