SIE Exam Question 980: Answer and Explanation

Question: 980

All but which of the following is another name for an income statement?

• A. Statement of financial performance
• B. Statement of financial position
• C. Statement of operations
• D. Statement of profit or loss

Correct Answer: B

Explanation:

An income statement is also referred to as a statement of financial performance, statement of operations, and statement of profit or loss. A statement of financial position is another name for a balance sheet.