Accounting for IGCSE & O level - Accounting Procedures (Section 19 - No. 20)
What is the main purpose of the income statement?
To show a company's assets and liabilities.
To show the financial performance of a company.
To determine the amount of cash a company has.
To show the owners' equity.
Explanation
The income statement reports a company's revenues, expenses, and net profit/loss over a period.
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