Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 26 - No. 19)
What is the purpose of an 'income statement'?
To show the financial position of a company at a specific point in time.
To report the revenues, expenses, and profit or loss of a company over a period.
To present a company's cash inflows and outflows during a period.
To provide information on a company's assets and liabilities.
Explanation
The income statement reports a company's financial performance (revenues, expenses, and profit/loss) over a specified period of time.
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