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Which statement best explains Income statement?

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Question ID #25898 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Correct Answer: D. Statement showing revenues and expenses for a period
Income statement: Statement showing revenues and expenses for a period

Question: Which statement best explains Income statement?

A. Income earned but not yet received

B. Book containing individual accounts to which journal entries are posted

C. Inventory remaining unsold at the end of an accounting period

D. Statement showing revenues and expenses for a period

Correct Answer: D. Statement showing revenues and expenses for a periodIncome statement: Statement showing revenues and expenses for a period

Which statement best explains Income statement? - MCQ Explanation

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Correct answer: D. Statement showing revenues and expenses for a period