Accounting for IGCSE & O level - Final Statements (Section 3 - No. 18)

What is the main function of the income statement?

To report a company's financial position at a specific point in time.

To summarize a company's revenue, expenses, and profitability over a period.

To track a company's cash inflows and outflows.

To analyze a company's assets and liabilities.

The income statement summarizes a company's revenue, expenses, and profitability over a period of time.