What do the content and structure of an income statement report? A- The assets and expenses...
What do the content and structure of an income statement report?
A- The assets and expenses for a period of time
B- The assets, liabilities, and equity at a point in time
C- The revenues and expenses for a period of time
D- The expenses and liabilities at a point in time
Homework Answers
The correct answer is c) The revenues and expenses for a period of time.
Explanation and calculation
Income statement is the statement in which company reports all its revenue and expenses. So the content and structure of Income statement will include revenue and expenses. The assets liabilities and equity are part of balance sheet, so they do not form part of income statement.
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