(TCO 7) Explain the significance of the income statement of a business
Expert Answer
Income statement is all about the business financial performance for a specific period .
Income statement is concern for business operating expenses and business operating income .
Income statement or profit and loss account is a financial statements of company that shows the company expenses and company income.
Income statement has two portions one is income and another expenditure it’s also knows as income and expenditure account .
Incomes- Income are all the income that come from the operation of one financial period ,income like gross profits that forwarded
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