Business High School

Which financial statement summarizes a business’s incomes and expenses?
The main purpose of the BLANK statement is to present your business’s earnings for a given period as it summarizes your incomes and expenses.

Answers

Answer 1

Answer:

Income statement.

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

The income statement is a financial statement that summarizes a business’s incomes and expenses.

Hence, the main purpose of the income statement is to present your business’s earnings for a given period as it summarizes your incomes and expenses.

Related Questions

Why did the United States interfere in Iran in the 1950s? What was the result of their interference?

Answers

Answer:

Because Iran has oil and sells it to U.S. Iran minister doesn't want to do business with U.S. anymore.

Explanation:

The results were the U.S. would sponsor in Iran to replace existing gov't to be more western friendly.

Highbridge Community Life Center was a community hub and resource for the Bronx community that was founded in 1979 by two Catholic nuns. Brother Ed Phalen served as the Executive Director of the center for more than two decades. When he started considering retirement, he wondered what would happen to the organization and its leadership after he left. In order to plan for his eventual departure, Brother Phalen and the board of directors began the process of to identify a replacement for him.

Answers

The correct question is:

Highbridge Community Life Center was a community hub and resource for the Bronx community that was founded in 1979 by two Catholic nuns. Brother Ed Phalen served as the Executive Director of the center for more than two decades. When he started considering retirement, he wondered what would happen to the organization and its leadership after he left. In order to plan for his eventual departure, Brother Phalen and the board of directors began the process of _____________ to identify a replacement for him.

Answer:

Succession planning

Explanation:

Succession planning is the process by which new leaders in an organisation are identified and developed to adequately fill in the role of departing leaders.

This process is important as it prepares experienced staff to take up responsibility in cases of resignation, retirement, or death of a leader.

In the given instance Brother Ed Phalen served as the Executive Director of the center for more than two decades.

Considering his retirement he would need to get someone to take over leadership role from him.

So he and the the board of directors will need to begin a succession plan to identify his replacement

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