Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 38)
Which of the following statements correctly describe the role of the income statement?
It is a snapshot of a company's financial position at a specific point in time.
It shows a company's revenues, expenses, and net income (or loss) over a period of time.
It measures the profitability of a company.
It provides a detailed breakdown of a company's cash flows.
Explanation
The income statement shows the profitability of the company and the revenues and expenses for a period.
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