BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An income statement usually covers
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one to two years.
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one week.
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three to six months or less.
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five years.
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Explanation:
Detailed explanation-1: -Income statements usually cover one year, but all public companies must submit them to the U.S. Securities and Exchange Commission (SEC) every quarter.
Detailed explanation-2: -The first step in preparing an income statement is to choose the reporting period your report will cover. Businesses typically choose to report their income statement on an annual, quarterly or monthly basis.
Detailed explanation-3: -An income statement, also known as a profit and loss statement, shows revenue and expense over a period of one year.
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