Question

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

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.