Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 32 - No. 40)
What is the general purpose of the 'Income Statement' in the accounting year?
To show the company's assets, liabilities, and equity.
To show the cash inflow and outflow for the year.
To summarize the company's financial performance over a period.
To only show the company's total revenue.
Explanation
The income statement presents a company's financial performance over a specific period (usually a year).
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