What is the income statement?

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(Top Tutor) Studyfaq Tutor
The income statement is a calculation which shows the profit or loss of an accounting unit during a specific period, providing a summary of how the profit or loss is calculated from gross revenue and expenses The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. The important thing to remember about an income statement is that it represents a period....
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