Question

The income statement shows amounts for: Group of answer choices revenues, expenses, losses, and liabilities revenues, expenses, gains, and fair value per share. revenues, assets, gains, and losses. revenues, gains, expenses and losses.

Answer 1

The correct answer is revenues, gains, expenses and losses.

Step-by-step explanation:

The income statement is an accounting information that shows the net income or profit after tax of an organization by way of showing the elements of a financial statement. For example, revenue, operating expenses.

In option (a), the income statement shows all except liabilities, which are a component of balance sheet.

In option (b), the income statement shows all except fair value per share.

In option (c), the income statement shows all except assets, which are a component of balance sheet.