1. The income statement shows a company’s profitability for a specific period of time.
   True
   False
   Not stated
   
2. The income statement is a report that presents only revenue.
   True
   False
   Not stated
   
3. The income statement is similar to a balance sheet.
   True
   False
   Not stated
   
4. The date assigned to the interim income statement covers a period of time.
   True
   False
   Not stated
   
5. A company’s revenue is the money received from buying goods and services.
   True
   False
   Not stated
   
6. The bottom line shows the net income or profit.
   True
   False
   Not stated
   
7. The balance sheet can be in two formats.
   True
   False
   Not stated
   
8. The historical record for a number of years is less important than the figure of any single year.
   True
   False
   Not stated
   

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