Which Financial Statement Reports the Company's Revenues and Selling Costs

question 201

Multiple Choice

Which financial statement reports the company's revenues and selling costs over a period of time?

• A) income statement
• B) balance sheet
• C) statement of cash flows
• D) trial balance

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Definitions:

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Discretionary Income

The amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food and shelter) are taken care of.

Necessities

Essential items required for living, such as food, clothing, and shelter.

Taxes

Compulsory financial charges or other levies imposed on an individual or a company by a governmental organization in order to fund various public expenditures.