Asked by Minh Anh Tr?n Ng?c on May 22, 2024
Verified
Which type of account would NOT be reported on the income statement?
A) Revenue
B) Expenses
C) Liabilities
D) None of the above answers are correct.
Liabilities
Financial obligations or debts owed by a business to external parties or individuals.
- Attain an understanding of the sequencing and development of financial statements.
Verified Answer
JM
Jarrett MedinaMay 28, 2024
Final Answer :
C
Explanation :
Liabilities are reported on the balance sheet, not the income statement. The income statement reports a company's financial performance over a specific accounting period, primarily focusing on revenues and expenses.
Learning Objectives
- Attain an understanding of the sequencing and development of financial statements.