Question

Which financial statement reports the company's revenues and selling costs over a period of time?

Answer 1

Income Statement

Step-by-step explanation:

The income statement is among the three financial statements that a business prepare at the end of a period. It reports on business profitability.

An income statement has three parts,

1. The revenue section that lists all sources and the amounts of revenues for the period. Revenues include discounts received and purchase returns.
2. The expenditure section indicates all the expenses the business incurred in generating its revenues.
3. The income section tells whether the business made a loss or a profit. It is the difference between the revenue and the expenses.