Question

Which type of financial statement should you look at if you want to see a company's profits and losses over a specific period of time?

A.
Income statement
B.
Balance sheet
C.
Statement of owners' equity
D.
Cash flow statement

Answer 1

Answer:

A.Income statement

Explanation:

The income statement of a institution or business that shows the expenses, costs and the incomes during a certain period of time, it is often done quarterly or annually in order to present the tax declaration, it is also known as "profits and loss statement" because it shows exactly if the business had profits or lost money during that period of time.