Question

which of the following is used to compute the net income for the specific period?
A. Balance sheet
B. Statement of retained earning
C. Income statement
D. Cash account

Answer 1

Answer:

C

Explanation:

Income Statement

is the right answer..

Otherwise known as Profit and loss a/c

Answer 2

Answer:

FINANCIAL STATEMENTS

An income statement is one of the financial statements which is prepared first.

Explanation:

PRINCIPALS FROM INCOME STATEMENTS:

• An income statement is a type of financial statement that lists a company's revenue and outgoing costs. Additionally, it shows if a company is profitable or not over a specific time frame. You may assess the financial health of your business using the income statement, balance sheet, and cash flow statement.
• The income statement is also known as a statement of operations, financial result or income, or an earnings statement.
• An income statement helps business owners determine if they can turn a profit by increasing sales, cutting costs, or doing both. It also shows the success of the business's plans that were established at the beginning of a financial term.

https://brainly.in/question/38215742

https://brainly.in/question/14730144