Question

To show how successfully your business performed during a period of time, you would report its revenues and expenses in the

A. balance sheet.
B. retained earnings statement.
C. income statement.
D. statement of cash flows.

Answer 1

Answer: The correct answer is c). Income statement.

Step-by-step explanation:

An income statement is a part of the financial statements. It is used for reporting a company's financial performance over a financial period.

Revenues and expenses are reported on an income statement to arrive at either profit or loss of a company.