The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called:
a. A Balance sheet.
b. A Statement of owner's equity.
c. A Statement of cash flows.
d. An Income statement.
e. A Statement of financial position.
Answer: d. An Income statement.
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Which of the following is NOT a type of tort?
A) intentional tort B) negligence C) strict liability D) absolute liability E) tort reform