The income statement is a change statement. Explain what is meant by this.

Expert Solution

The income statement is a change statement that reports transactions - revenues, expenses, gains and losses - that cause owners' equity to change during a specified reporting period. This change in shareholder's equity is due to change in revenues, expenses, gains and losses. Basically income statement states activities which are helpful in generating profits. The change in income statement represents the change in shareholder's equity due to these activities in that time frame. The main theme of change in a statement is to figure out differences in previous years and ongoing year to make operations better day by day.

Raffay answered 2 years ago

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