Question $2$

Which of the following is a TRUE statement about the income statement?

The income statement can be prepared as of any point in time but is usually prepare $\text{'}$as of$\text{'}$ the end of each month.

The income statement should be prepared after the balance sheet and before the statement of stockholders' equity.

The income statement calculates net income for a period of time such as a month, quarter, or year.

The income statement reports transactions affecting the asset, liability, and retained earnings accounts.

Revenues & expenses are listed in alphabetical order.