The Financial Statement That Reports Whether the Business Earned a Profit

question 71

Multiple Choice

The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called a(n) :

• 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:

Confining Stress

The stress applied equally in all directions to a rock or soil, limiting its deformation.

Compression

This is a force or stress that reduces volume or shortens an object or material by pressing it together.

Tension

a force that stretches something, making it longer or tighter.

Shear

A strain in materials characterized by slippage along a plane or planes parallel to the imposed stress.