The Financial Statement That Reports Whether the Business Earned a Profit

question 159

Multiple Choice

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

• A) Statement of cash flows.
• B) Statement of financial position.
• C) Balance sheet.
• D) Income statement.
• E) Statement of owner's equity.

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Definitions:

Dependent Variable

In an experimental setting, the dependent variable is the variable being tested and measured, changing in response to alterations in the independent variable.

Review Session

A meeting or class session specifically devoted to revising or summarizing the main points of a subject or material previously studied.

Cheerful Outlook

A positive mindset that typically leads to optimistic interpretations of situations and events.

Exercise

Physical activity that is planned, structured, and repetitive for the purpose of conditioning the body.