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