Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 1 - No. 31)
What type of financial statement is used to show the calculation of profit or loss for the year?
Statement of Financial Position
Income Statement
Cash Flow Statement
Statement of Changes in Equity
Explanation
The Income Statement is specifically designed to show revenues, expenses, and ultimately, the profit or loss of a company for a given period.
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