Question

What are the two other names that are used for an 'income statement'?

a) Profit and Loss statement, Statement of Financial Position
b) Statement of Cash Flows, Statement of Changes in Equity
c) Statement of Comprehensive Income, Cash Flow Statement
d) Profit and Loss statement, Statement of Comprehensive Income

Answer 1

The 'income statement' can also be called the 'Profit and Loss statement' or the 'Statement of Comprehensive Income'. It's a financial document that details a company's revenues, expenses, and profits or losses.

Step-by-step explanation:

The two other names that are used for an 'income statement' are Profit and Loss statement and Statement of Comprehensive Income. The income statement is a financial document that shows the revenue, expenses, and profits or losses of a company over a specific period. It is essential for understanding a company's financial performance and is closely tied with other financial statements like the balance sheet and the statement of cash flows.