Net income is included in which financial statement?

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Multiple Choice

Net income is included in which financial statement?

Explanation:
Net income is the bottom line on the income statement—the report that shows revenues and expenses over a period and ends with the profit or loss for that period. The income statement directly presents net income as the result of the period’s activities. While net income also affects other statements (it increases retained earnings in the statement of changes in equity and serves as the starting point for the cash flow from operations in the cash flow statement under the indirect method), the line item net income is shown on the income statement itself.

Net income is the bottom line on the income statement—the report that shows revenues and expenses over a period and ends with the profit or loss for that period. The income statement directly presents net income as the result of the period’s activities. While net income also affects other statements (it increases retained earnings in the statement of changes in equity and serves as the starting point for the cash flow from operations in the cash flow statement under the indirect method), the line item net income is shown on the income statement itself.

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