Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 7 - No. 12)
What is the purpose of an income statement?
To show a company's financial position.
To show how much cash a company has.
To show a company's revenues, expenses, and profit.
To show the assets owned by a company.
Explanation
An income statement details the revenues, expenses, and profit/loss of a company.
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