Which of the Following Statements Regarding the Income Statement Is

question 25

Multiple Choice

Which of the following statements regarding the income statement is incorrect?

• A) The income statement shows the earnings and expenses at a given point in time.
• B) The income statement shows the flow of earnings and expenses generated by the firm between two dates.
• C) The last or "bottom" line of the income statement shows the firm's net income.
• D) The first line of an income statement lists the revenues from the sales of products or services.

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