Click to watch the Tell Me More Learning Objective video and then answer the questions below.
The financial statement that reports revenues and expenses for a period of time is called
a income statement
b statement of owner's equity
c balance sheet
d statement of cash flows
The financial statement that summarizes the changes in the owner's equity that have occurred during a specific period of time, such as a
month or a year is called
a income statement
b statement of owner's equity
c balance sheet
d statement of cash flows
The financial statement that lists assets, liabilities, and owner's equity as of a specific date, usually at the close of the last day of a month
or a year, is called
a income statement
b statement of owner's equity
c balance sheet
d statement of cash flows
