Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 25 - No. 27)
What is a key function of the income statement?
To report the financial position of a company at a specific point in time.
To show the revenues and expenses of a company over a period of time.
To calculate the company's retained earnings.
To provide information for making financial decisions
Explanation
The income statement primarily reports revenues, expenses, and the resulting profit or loss for a period.
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