Discussion
An income statement reports
Answer: A
Correct answer: revenue and expenses over a period
An income statement covers an interval - a quarter or a year - and reports what was earned and what it cost to earn it. The balance sheet is the other kind of statement, reporting position at a single date. Confusing the two is the commonest error in reading accounts, since a flow and a stock cannot be compared directly.
No comment is present. Be the first to comment.
Loading…
Post your comment
Please log in or register to post a comment.
Examination Categories
- SSC Exams
- Banking Exams
- Teaching Exams
- Civil Services Exams
- Railways Exams
- Engineering Recruitment Exams
- Defence Exams
- State Government Exams
- Police Exams
- Insurance Exams
- Nursing Exams
- Other Government Exams
- NRA CET
- PG Entrance Exams
- Campus Placement
- MBA Entrance Exams
- CUET and UG Entrance
- Judiciary Exams
- Regulatory Body Exams
- Software Development