Accounting for IGCSE & O level - Final Statements (Section 10 - No. 13)
What does the income statement show?
Assets, liabilities, and equity.
Revenues, expenses, and profit/loss.
Cash inflows and outflows.
The financial position of a business at a point in time.
Paliwanag
The income statement presents the revenues, expenses, and profit/loss of a business over a period.