Question

The income statement reports the changes in _____ _____ (_____ _____) that occurred during the reporting period as a result of revenues, expenses, gains, and losses.

Answer 1

The income statement reports the changes in financial performance (revenues, expenses, gains, and losses) that occurred during the reporting period.

Step-by-step explanation:

The income statement reports the changes in financial performance (revenues, expenses, gains, and losses) that occurred during the reporting period. It provides a summary of a company's revenue and expenses and shows whether the company has made a profit or incurred a loss during the specified period. For example, if a company generates more revenue from sales than its expenses, it will show a profit on the income statement.