Business FinancesQuestion 291 of 1605
Which financial statement reports a contractor's revenue and expenses over a period of time and shows the net profit or loss?
a.Income statement (profit and loss statement)
b.Balance sheet
c.Schedule of values
d.Statement of stockholders' equity
Explanation
The income statement, also called the profit and loss statement, summarizes revenue and expenses over a period and ends with net profit or loss. The balance sheet, by contrast, is a snapshot at one point in time.
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