The Financial Statement That Reports Whether the Business Earned a Profit

question 171

Multiple Choice

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:

• A)Balance sheet.
• B)Statement of retained earnings.
• C)Statement of cash flows.
• D)Income statement.
• E)Statement of financial position.

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Definitions:

Mobile Messaging Apps

are applications designed for smartphones and tablets that enable users to send text messages, images, videos, and voice messages over the internet.

E-commerce

The buying and selling of goods and services through electronic platforms, such as the internet, enabling transactions over digital networks.

Return

The profit or loss generated on an investment over a specified period.

Investment

The act of allocating resources, usually money, with the expectation of generating an income or profit.