Accounting for IGCSE & O level - Final Statements (Section 8 - No. 15)

What is the role of the Income Statement?

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

To summarize revenues and expenses over a period.

To demonstrate the cash flow of a business.

To show how a business has performed over a period.

The Income Statement is also known as a Profit & Loss statement, which covers these areas.