Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 4 - No. 46)
What is the role of income statements?
To show a company's profit or loss over a period.
To show the assets, liabilities, and equity of a company at a specific point in time.
To forecast future financial performance.
To provide a snapshot of a company's cash flow.
Explanation
Income statements calculate the profit or loss of a company over a specific time period
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