Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 1 - No. 8)
What is the main objective of an income statement?
To show a company's financial position at a specific point in time.
To summarize the revenues and expenses of a business.
To show a company's cash flow over a period of time.
To show changes in equity.
Explanation
An income statement summarizes revenues and expenses.
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