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Question

Which of the following best describes an income statement?

Accepted Answer

An income statement measures a company's financial performance over a specified period of time.

Answer

An income statement reports changes over a period of time in component accounts that comprise the ownership of a firm.

Answer

An income statement details the cash inflows and outflows that are related to a company's operating, investing, and financing activities over a period of time.

Answer

None of these answers.

Answer

An income statement summarizes the financial position of a company at a given point in time.

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