The income statement presents a summary of an entity's revenues and expenses for a period of time. Which of the following statements is true of an income statement? a) It shows the entity's financial position at a specific point in time. b) It includes all transactions, both cash, and credit, that occurred during the period. c) It reports the entity's assets, liabilities, and equity. d) It helps assess the profitability and performance of the entity over a period.
