Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 20 - No. 35)
What is the main purpose of the income statement?
To show the financial position of a company.
To summarize the changes in cash.
To report the financial performance over a period.
To show the assets and liabilities.
Explanation
The income statement, also known as the profit and loss (P&L) statement, reports a company's financial performance (revenues, expenses, and profit or loss) over a specific period.
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