Asked by
Colin Phillips
on Oct 30, 2024Verified
The financial statement in which the cost of goods sold and expenses are subtracted from total revenue to arrive at a net income figure is a/an ______.
A) balance sheet
B) cash flow statement
C) entrepreneur's scorecard
D) income statement
Income Statement
A financial statement that shows a company's revenues and expenses over a specified period, ultimately revealing the company's net profit or loss.
Total Revenue
The full amount of income generated by the sale of goods or services before any costs or expenses are deducted.
Net Income
The total earnings of a company or individual after deducting expenses, taxes, and deductions.
- Learn about the arrangement and parts of an income statement.
Verified Answer
MD
Learning Objectives
- Learn about the arrangement and parts of an income statement.