Which of the Following Statements Lists Revenues and Expenses and Shows

question 58

Multiple Choice

Which of the following statements lists revenues and expenses and shows the amount of profit a business makes for a specified period of time?

• A) Balance sheet
• B) Statement of retained earnings
• C) Income statement
• D) Cash flow statement

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Definitions:

Parol Evidence Rule

This legal rule restricts the use of oral (parol) statements in court when interpreting a written contract.

Written Agreement

A physically or digitally documented contract among parties that outlines the terms, conditions, and obligations of a deal or arrangement.

Subsequent Oral Agreement

An oral agreement made after a written contract, which can modify or override the original terms under certain conditions.

Usage

The manner or frequency with which something is used, or a customary practice.