Which Statement Is True Concerning an Income Statement

Multiple Choice

Which statement is true concerning an income statement?

A) The income statement shows how much profit the company has earned since it began operations.
B) Net income on the income statement should be equal to the amount of cash on the balance sheet.
C) The income statement summarizes the results of operations for a period of time.
D) The income statement indicates the liquidity of the company on an annual basis.