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2 January, 06:48

The correct definition of income statement is

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  1. 2 January, 06:54
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    Income statement or the statement if profit and loss is more officially called as the "comprehensive statement of income" in the corporate world.

    It has all the revenue and expense accounts and calculates the gross profit and finally the net profit or loss of the company after taking into consideration various expenses categories such as financial costs, administration costs, cost of sales and other costs.

    Moreover, income from the main business activity and other income from other investment activities are also considered.
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