Word 5:27 PM * 53% Exit Which of the below statements is FALSE? The income statement begins with revenue and subtracts various operating expenses until arriving at Earnings Before Interest and Taxes (EBIT). Typically, income statements are prepared quarterly and annually for distribution outside the company. O The income statement reports the performance of the firm over the past period. It summaries and categorizes a company's revenues and expenses for that period. Typically, income statements are prepared quarterly and annually for distribution outside the company, but usually semiannually for internal managers