MANAGEMENT

BUISENESS MANAGEMENT

FINANCIAL MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The income statement is sometimes called a ____ statement.
A
profit and loss
B
money made
C
expense estimator
D
income history
Explanation: 

Detailed explanation-1: -An income statement shows a company’s revenues, expenses and profitability over a period of time. It is also sometimes called a profit-and-loss (P&L) statement or an earnings statement. It shows your: revenue from selling products or services. expenses to generate the revenue and manage your business.

Detailed explanation-2: -Profit and Loss (P&L) Statement A P&L statement, often referred to as the income statement, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.

Detailed explanation-3: -A profit and loss statement is a financial report that shows how much your business has spent and earned over a specified time. It also shows whether you’ve made a profit or a loss over that time – hence the name. A profit and loss statement might also be called a P&L or an income statement.

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