Asked by Angelica Ibarra on Jul 21, 2024
Verified
The financial record that summarizes the income and expenses of the business over time is the ______.
A) income statement
B) balance sheet
C) statement of retained earnings
D) statement of cash flows
Income Statement
A financial document that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income or loss.
Financial Record
Documents that capture all the financial transactions of an individual or an organization, serving as a historical account of financial health and activity.
Statement of Cash Flows
A financial document that shows how changes in balance sheet accounts and income affect cash and cash equivalents.
- Comprehend the crucial role and value of primary accounting documents and statements, such as general ledgers, balance sheets, income statements, and statements of cash flows.
Verified Answer
CK
Carly kichlerJul 27, 2024
Final Answer :
A
Explanation :
The income statement summarizes the income and expenses of a business over a specific period, showing its profitability.
Learning Objectives
- Comprehend the crucial role and value of primary accounting documents and statements, such as general ledgers, balance sheets, income statements, and statements of cash flows.