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QWhich would you find on an Income Statement?

ID: #24246 Elements of Accounting 54 views

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#24246Q ID

EasyDifficulty

Elements of AccountingTopic

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Correct Answer: Option A

The correct answer is:

A. Expense ✅

👉 Explanation:

The Income Statement (Profit & Loss Account) shows a company’s revenues and expenses over a period to determine profit or loss.
Expenses (like salaries, rent, utilities, cost of goods sold) are recorded here.
Fixed Assets (like machinery, buildings) and Liabilities (like loans, payables) appear on the Balance Sheet, not the Income Statement.

💡 Remember:
Income Statement = Revenues – Expenses → Net Profit/Loss

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