Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 4 - No. 21)
What is the purpose of the income statement?
To show the financial position of a business at a specific point in time.
To report a company's financial performance over a specific period.
To present the cash inflows and outflows of a business.
To detail the owners' equity in the business.
Explanation
The income statement reports revenue, expenses, and net profit or loss over a period of time.
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