alleryA statement showing how a business performed across a given period of time is the:
AImport statement
BInterim statement
CInsured statement
DIncome statement
Answer & Solution
Correct answer: D. Income statement
1. Performance is measured over a stretch of time, not at an instant.
2. Revenues and expenses for that stretch are set against each other.
3. That report is the income statement.
_Source: OpenStax Principles of Financial Accounting, Chapter 2, Introduction to Financial Statements._
Keep practising Financial Statements of a Company
Browse all Financial Statements of a Company questions for AP Intermediate 2nd Year, or explore more Accountancy topics.
Related questions
Managers at Waste Management deferred expenses to hit earnings targets and were charged inA firm reports a current ratio of 0.8. This tells a lender the firm should watch its shortDividing current assets of 6,200 by current liabilities of 1,850 gives a current ratio of Current assets of 6,200 less current liabilities of 1,850 gives working capital of:The ability of a business to turn assets into cash to meet short-term needs is its:A shop has assets of 18,700 and liabilities of 1,850. Its owner's equity is:The balance sheet is the accounting equation in statement form: assets equal liabilities pA supplier's bill falling due in ninety days appears on the balance sheet as a: