Which of the following statements concerning the income statement is not true?
A. The heading must indicate the length of time the report covers.
B. It shows the change in the entity’s cash balance for the period.
C. If expenses exceed income than a loss has been incurred for the period.
D. An alternative name is the statement of financial performance.
Answer:B
Which of the following statements concerning the income statement is not true?
A. The heading must indicate the length of time the report covers. B. It shows the change in the entity’s cash balance for the period. C. If expenses exceed income than a loss has been incurred for the period. D. An alternative name is the statement of financial performance.