The Income Statement Is a Statement Of

Multiple Choice

The income statement is a statement of:

A) profit and loss, receipts and sales, at some instant in time.
B) assets, liabilities, and net worth, at some instant in time.
C) sales receipts minus proper cost charges against sales, thereby showing earnings over a period of time.
D) changes in the value of assets, liabilities, and capital between two periods of time.
E) wages and salaries paid to employees.