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Define income statement?
Answer:
The income statement is a key financial statement which reports on a company's profitability during a relatively short period of time such as the past year, month, 13 weeks, etc. The heading of the income statement informs the reader of the period covered.
The main components of the income statement are:
★ Revenues
★ Expenses
★ Certain gains and losses
The main components of the income statement are:
★ Revenues
★ Expenses
★ Certain gains and losses
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