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:

Thunder

The loud sound that follows a flash of lightning, caused by the rapid expansion of heated air in the atmosphere.

Cognitive Processes

The mental activities involved in the acquisition, processing, and storage of knowledge, such as perception, memory, and reasoning.

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Time-Out

A behavior-modification technique in which a child who misbehaves is temporarily removed from positive reinforcement.