Practice Quiz

CPA Accountant Review Questions

Category - Accounting

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Another name for an income statement is a:
  1. Statement of cash flows
  2. Balance sheet
  3. Operating statement
  4. Statement of owner’s equity
  5. Profit & loss statement
Explanation
Answer - E - A profit and loss statement is another name for an Income Statement. A common abbreviation for a profit and loss statement is P & L.

Key Takeaway: The income statement shows a summary of the company’s profit or loss during a given timeframe. It records all revenues, as well as operating expenses.
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