Accounting for IGCSE & O level - Final Statements (Section 11 - No. 37)
What is the purpose of the income statement?
To show assets, liabilities, and owner's equity at a specific point in time.
To show the inflows and outflows of cash.
To determine the financial performance of a business over a period.
To represent the net worth of a company.
Explanation
The income statement reveals whether a business has made a profit or loss over an accounting period.
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