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Which of the following is a key component of the income statement for a sole tra
Which of the following is a key component of the income statement for a sole trader?
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Practice Questions
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Q1
Which of the following is a key component of the income statement for a sole trader?
Assets
Liabilities
Revenue
Equity
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Revenue is a key component of the income statement, reflecting the income generated from business activities.
Questions & Step-by-step Solutions
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Q
Q: Which of the following is a key component of the income statement for a sole trader?
Solution:
Revenue is a key component of the income statement, reflecting the income generated from business activities.
Steps: 5
Show Steps
Step 1: Understand what an income statement is. It is a financial document that shows how much money a business made and spent over a certain period.
Step 2: Identify the main parts of an income statement. These usually include revenue, expenses, and profit.
Step 3: Focus on revenue. Revenue is the total amount of money generated from selling goods or services before any expenses are deducted.
Step 4: Recognize that for a sole trader, revenue is crucial because it indicates the success of their business activities.
Step 5: Conclude that revenue is indeed a key component of the income statement for a sole trader.
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