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NEW QUESTION: 1
Which of the following is another term for a profit and loss statement?
A. Fiscal year summary
B. Statement of cash flow
C. Income statement
D. Balance sheet
Answer: C
Explanation:
Answer option A is correct.An income statement, also referred to as a profit and loss statement, provides financial information about revenue and expenses in a set reporting period. The statement of cash flow (D) communicates the ways in which monies came in and out of the organization, and the balance sheet (C) is a thumbnail sketch of assets, liabilities, and equity at a certain time. Chapter: Core Knowledge Requirements for HR Professionals Objective: Review Questions

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