Fill in the blank: Income statements report on revenue and expenses _____.

over a period of time

at a specific point in time

projected for a future period of time

specifically in cryptocurrency


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Explanation: The correct answer is over a period of time. Income statements, also known as profit and loss statements, are financial reports that summarize a company’s revenues, expenses, and profits or losses over a specific period, typically a month, quarter, or year. These statements provide valuable insights into a company’s financial performance by detailing the sources of revenue and the costs incurred in generating that revenue during the specified time frame. By analyzing income statements, stakeholders can assess a company’s profitability, operational efficiency, and overall financial health over time. Therefore, income statements are crucial tools for investors, creditors, management, and other interested parties to evaluate the financial performance and viability of a business. Thus, the phrase ‘Income statements report on revenue and expenses over a period of time’ accurately describes the purpose and scope of income statements, making it the correct answer.

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