Question

Identify the type of accounts that would appear on a firm's income statement

Answer 1

Assets, Six month period, Revenues, Firms address

Answer 2

Answer: Revenues and Expenses

Explanation:

Revenue can also be called sales or income. Revenues can be defined as the amount of money realized through the sales of products or any other ventures. A company's revenue is not stable because of the change in demand of products. Revenues refers to a company's income where expenses are deducted. Surplus revenue is recommended so as to cover expenses and reduce deficit.

Expenses on the other hand, can be defined as any cost that a business organization incurs such as payment of staffs, purchases. Expenses isn't also stable but can be controlled. It is possible to reduce expenses by cutting cost. Business organizations compares their expenses with revenues so they do not exceed revenues to avoid having deficit.