Which of the following is true regarding the Income Statement?

a) The income statement reports revenues, expenses, and liabilities.

b) The income statement reports only revenue for which cash was received at the point of sale.

c) The income statement is sometimes called the statement of operations.

d) The income statement reports the financial position of a business at a particular point in time.

Answer:- c) The income statement is sometimes called the statement of operations.

The true statement is ‘The income statement is sometimes called the statement of operations. The income statement reports revenue, expenses, and liabilities.’