Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 13)
What is the purpose of an income statement?
To report the financial position of a business at a specific point in time.
To report the financial performance of a business over a period of time.
To show the cash inflows and outflows of a business.
To show the assets and liabilities of a business.
Explanation
An income statement summarizes revenues and expenses to determine a company's profitability over a period.
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