Click to watch the Tell Me More Learning Objective $5$ video and then answer the questions below.

The financial statement that reports revenues and expenses for a period of time is called

a$.$ income statement

b$.$ statement of owner's equity

c$.$ balance sheet

d$.$ statement of cash flows

The financial statement that summarizes the changes in the owner's equity that have occurred during a specific period of time, such as a

month or a year is called

a$.$ income statement

b$.$ statement of owner's equity

c$.$ balance sheet

d$.$ statement of cash flows

The financial statement that lists assets, liabilities, and owner's equity as of a specific date, usually at the close of the last day of a month

or a year, is called

a$.$ income statement

b$.$ statement of owner's equity

c$.$ balance sheet

d$.$ statement of cash flows