Question

The _____ is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s operations over an accounting period.

Answer 1

The Income Statement is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s operations over an accounting period.

Explanation:

The Income Statement is one of the company’s center financial reports that confers their gain and loss over a remarkable time. The gain or loss is circumscribed by practicing all revenues and deducting all liabilities from both working and non-operating exercises.

The income statement is a vital element of a company’s execution reports that need to be yielded to the Securities and Exchange Commission (SEC). An income statement presents worthy insights into a company’s operations, the performance of its management, underperforming areas and its production applicable to industry rivals.