Question

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the

Answer 1

Answer:

Income Statement

Explanation:

Financial Statements can be understood by their names

Balance sheet : A sheet/statement containing balances of assets and liabilities till the date of reporting. Balance sheet helps to evaluate the net worth of business. how good or bad any business has performed so far.

Income Statement: Statement showing totals of income and expenses ( business activity converted into monetary value) for the said period of time. Income statement shows the performance of certain time period.

Statement of Cash Flow: statement showing real cash movement across the period in business. since there are two types of basis on which financials statements are prepared i.e. cash basis and accrual basis. cash basis is simpler both it wont show any future incoming payment or liability to pay so accrual basis shows more true picture of business activity and cash flow statement gives the reconciliation of,  cash movement and from accrual basis to cash basis.