Which of the following is true about an income statement? a. The income statement shows how...
Which of the following is true about an income statement?
| a. |
The income statement shows how a company's retained earnings changed over a given period of time. |
|
| b. |
The income statement is a snapshot of a company's financial position. |
|
| c. |
The income statement accurately represents all cash inflows and outflows for a given period of time. |
|
| d. |
The income statement is reported on an accrual basis. |
Homework Answers
Answer
D.The income statement is reported on an accrual basis
Explanation:
- Income statement is an statement which shows that incomes and expenses over the period of time. It shows the net profit or loss earned by the firm. The income statement is reported on an accrual basis.
- The statement of retained earnings shows how a company's retained earnings changed.
- Balance sheet shows company's financial position.
- Cash flow statement represents all cash inflows and outflows for a given period of time.
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Please give me all the answers. thanks 18. Income statement The income statement, also known as...
Please give me all the
answers. thanks
18. Income statement The income statement, also known as a profit and loss (P&L) statement, provides a snapshot of a company's financial performance during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial perforrmance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily...
3. Income statement The income statement, also known as the profit and loss (P&L) statement, provides...
3. Income statement The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were...
3. Income statement The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were...
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Please give me all the
answers. thanks
18. Income statement The income statement, also known as a profit and loss (P&L) statement, provides a snapshot of a company's financial performance during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
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