Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 7 - No. 29)
What is the purpose of the income statement?
To show the financial position of the company.
To show the cash inflows and outflows.
To show the profitability of a company over a period.
To show the assets of the company.
Explanation
The income statement shows a company's revenues, expenses, and ultimately, its profit or loss over a period of time.
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