Which report summarizes income, expenses, and net profit over a specific period?

Question

BlackTom AI · Accepted Answer

To begin, let's examine what each financial report typically covers and the time frame it represents.
Option 1: Balance Sheet. This report shows a company's assets, liabilities, and owners' equity at a specific point in time, providing a snapshot of financial position rather than detailing income or expenses over a period. It does not summarize net profit.
Option 2: Profit and Loss. This report, also known as the income statement, is precisely designed to summarize revenues and expenses over a defined period, resulting in net profit or loss. It directly answers the question about income, expenses, and net profit over time.
Option 3: Trial Balance. A trial balance lists the closing balances of all general ledger accounts to check that debits equal credits. It is a diagnostic tool and does not present income and expenses over a period or compute net profit.
Option 4: Cash Flow Statement. This document tracks cash inflows and outflows categorized by operating, investing, and financing activities during a period. While it relates to financial performance, it focuses on cash movement rather than the total income and expenses leading to net profit."

QBO25E1 - QuickBooks Online Module 11 Quiz

Which report summarizes income, expenses, and net profit over a specific period?

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