The Income Statement Includes Quizlet

The income statement summarizes a company s revenues and expenses over a period either quarterly or annually.

The income statement includes quizlet. The income statement consists of revenues and expenses along with the resulting net income or loss over a period of time due to earning activities. The income statement reports the results of transactions that affect net income which includes revenues amounts charged to customers for sales of goods or services provided expenses costs of business activities undertaken to earn revenues. An income statement is one of the three major financial statements that reports a company s financial performance over a specific accounting period. Revenues expenses and net income.

The income statement shows investors and management if the firm made money during the period reported. The operating section of an income statement includes revenue and expenses.