Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 37)
What is the purpose of the income statement?
To show the assets and liabilities of a business.
To report the financial performance of a business over a period.
To show the owners' equity of a business.
To report cash inflows and outflows of a business.
Explanation
The income statement summarizes the revenues, expenses, and profit or loss of a business over a specific period.
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