Question

The income statement shows amounts for: A. revenues, expenses, gains, and fair value per share. B. revenues, assets, gains, and losses. C. revenues, gains, expenses and losses. D. revenues, expenses, losses, and liabilities.

Answer 1

Answer:

C. revenues, gains, expenses and losses.

Explanation:

Income statement only reports the Income, Expenses, Gain or losses for the period. Assets, Equities and Liabilities are reported in balance sheet. Income statement only deals with temporary accounts and permanent accounts are dealt in balance sheet, So Revenue, Expenses, gains and losses are temporary account whereas the assets, Equity and liabilities are permanent accounts..