Which of the Following Statements About the Income Statement and Income

Multiple Choice

Which of the following statements about the income statement and income statement accounts is correct?

A) The income statement reports the financial position of a company at a point in time.
B) The balance sheet reports financial activities only for the current accounting period.
C) Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts.
D) The income statement reports the cash received and paid during the period.