Question

Which of the following is true regarding the income statement?

1) The income statement is sometimes called the statement of operations
The inconhe statement reports revenue, expenses, and liabilities

2)The income statement only reports revenue for which cash was received at the point
of sale

3)TThe income statement reports the financial position of a business at a particular
point in tim
e.​

Answer 1

Answer:

option 3 is correct

Explanation:

please mark as brainliest

Answer 2

INCOME STATEMENT

The statement which is true regarding income statement is that the income statement is sometimes called the statement of operations.

GETTING TO KNOW MORE ABOUT INCOME STATEMENT:

* The income statement is one of three primary financial statements used to reflect a company's financial performance during a certain accounting period, with the balance sheet and the statement of cash flows being the other two.

* The income statement, also known as the profit and loss statement or the statement of revenue and expense, focuses on the company's earnings and costs during a specific time period.

* An income statement is one of the three key financial statements that shows a company's financial performance during a specified accounting period (together with the balance sheet and the statement of cash flows).

(Total Revenue + Gains) – (Total Expenses + Losses) = Net Income

* Total revenue includes both operational and non-operating revenues, while total costs include both primary and secondary operations.