Which of the following best describes the statement of profit or loss? A It is a summary of assets and expenses at a specified date B It is a summary of cash receipts and payments made during an...

Which of the following best describes the statement of profit or loss?
A It is a summary of assets and expenses at a specified date
B It is a summary of cash receipts and payments made during an accounting period
C It is a summary of assets, liabilities, income and expenses at a specified date
D It is a summary of income and expenditure for an accounting period