Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 19 - No. 9)
What is the main purpose of the income statement?
To show a company's assets, liabilities, and equity at a specific point in time.
To report a company's revenues, expenses, and net income over a period of time.
To summarize the cash inflows and outflows of a company over a period of time.
To track the changes in a company's equity.
Explanation
The income statement reports the financial performance over a period.
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