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:

The purpose of an income statement is to shows stakeholders whether the company generated a profit in that specific year or not. They use this information as a basis to create their plan for the next year.

In simple form, Income statement is calculated by:

(Total  sales + non-operating revenue ) - (Cost of goods sold + Operating expenses)

If the result of the calculation above is positive, it means that the Company generated a profit. But if it's a negative, it means that the company had a loss in that period.