Which of the following statements about the income statement of a company that was formed 10 years ago is correct?
A. Reports the amount of the increase in stockholders' equity this year as a result of the company's operations.
B. Reports a Net Loss for the year if expenses are more than revenues.
C. Reports the financial effects of activities that have occurred since the company's inception.
D. Reports Net Income, which is an account in the ledger.
Answer: B
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