Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 14 - No. 5)
What is the role of the income statement?
To determine the cost of production
To report a company's financial performance over a period of time.
To show the company's financial position at a specific point in time.
To show cash flows for a period of time
Explanation
The income statement reports a company's financial performance (profit or loss) over a given period.
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