Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
What does the income statement summarize?
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Step 1
Income statement explains about the revenues and expenses so as to know the profit or loss ascertained in the firms or industries. So as to manage the working of the companies, the statement is used by the creditors, those who are investing in the business and even the outsiders. It is prepared either Quarterly or Annually.
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