Accounting for IGCSE & O level - Final Statements (Section 11 - No. 39)

What is the purpose of the income statement?

To show the financial position of a business at a specific point in time.

To calculate and report a business's profits and losses over a period.

To list all assets, liabilities, and equity.

To show where the business's money came from.

The income statement is primarily used to calculate and report profits and losses over a period.