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