What is an income statement? (1 point)
Responses
a list of all sources of income
a list of all sources of income
a statement that compares assets to liabilities
a statement that compares assets to liabilities
a statement of sales over time compared to COGS at any point of time
a statement of sales over time compared to COGS at any point of time
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time
Which is the best description of a balance sheet?(1 point)
Responses
a statement that balances assets to liabilities and equity
a statement that balances assets to liabilities and equity
a statement listing retained earnings
a statement listing retained earnings
a list of outstanding debt compared to revenue
a list of outstanding debt compared to revenue
a comparison of revenue to SG&A and COGS
a statement that balances assets to liabilities and equity
The correct response is:
a statement that compares revenues to expenses and presents the net income (or loss) from a period of time