Question

28. A firm's ________ reports the profit or loss for the firm over a specified time period. (Points : 3) income statement balance sheet statement of cash flows bank statement

Answer 1

A firm's INCOME STATEMENT reports the profit or loss for the firm over a specified time period.

Income statement is also known as the profit and loss statement, statement of operation, or statement of income. It is one of the major financial statements of a business. It shows the profitability of the company in a given time period.

Answer 2

The answer to the question presented above would be 'income statement'. A firm's income statement reports the profit or loss for the firm over a specified time period. All the other choices do not define this particular description and only 'income statement' fits in it.