Question

If you want to know whether a company had a profit or a loss during a specific period of time, which financial statement would be most helpful? A. Statement of owners' equity B. Cash flow statement C. Balance sheet D. Income statement Please select the best answer from the choices provided

Answer 1

D. Income statement.

Step-by-step explanation:

Answer 2

D. Income statement.

Step-by-step explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Example of financial statements includes an income statement used to measure the amount of money entering into a business and to determine if its making a profit or a loss.

Hence, If you want to know whether a company had a profit or a loss during a specific period of time, the financial statement which would be most helpful is the income statement.