A financial statement showing the revenue and expenses for a fiscal period. True or False

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Jayda Sampson

Business

1 November, 06:54

A financial statement showing the revenue and expenses for a fiscal period. True or False

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Nora Sanders · Answer 1

A financial statement showing the revenue and expenses for a fiscal period. True

Explanation:

A financial statement showing the revenue and expenses for a fiscal period. True because income statement is a financial statement and shows the expenses and income (revenue) during a fiscal period.

A fiscal period is the time period reflected in a financial statement. It is usually a quarter or an accounting period.

There are four main kinds of financial statements. Income statement is one of the financial statement which tells about the expenses and revenues