Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 32 - No. 25)
Which of the following statements is true regarding the 'Income Statement'?
Shows a company's financial position at a specific point in time.
Summarizes a company's financial performance over a period.
Presents a company's cash inflows and outflows.
Details the assets and liabilities of a company.
Explanation
The income statement summarizes financial performance over a period of time.
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