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Introduction Income Statement Income
Statement is a statement that measures the success of organization for a
given period of time. The income statement is prepared to determine the
profitability of the company. It is statement which lists the income
and expenses of the organization and net surplus or deficit is computed.
Income Statement is also known as “Statement of earning”. Income
statement is one of the important financial statements that are prepared
to compute the net earnings of the company, after which Balance sheet
and Cash Flow Statement is prepared.
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