Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 6 - No. 12)
Which of the following is true regarding an income statement?
It summarizes revenues and expenses over a period.
It shows a company's financial position at a specific point in time.
It includes information on net profit or loss.
It follows the accounting equation.
Explanation
The income statement summarizes revenues and expenses over a period and includes net profit/loss.
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