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In a final account, which of the following is included in the income statement?
In a final account, which of the following is included in the income statement?
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Practice Questions
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Q1
In a final account, which of the following is included in the income statement?
Assets
Liabilities
Revenue
Equity
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The income statement includes revenues and expenses to determine net income.
Questions & Step-by-step Solutions
1 item
Q
Q: In a final account, which of the following is included in the income statement?
Solution:
The income statement includes revenues and expenses to determine net income.
Steps: 5
Show Steps
Step 1: Understand that the income statement is a financial report.
Step 2: Know that the income statement shows how much money a company made (revenues) and how much it spent (expenses).
Step 3: Identify that revenues are the total money earned from sales or services.
Step 4: Recognize that expenses are the costs incurred to run the business.
Step 5: Learn that the income statement calculates net income by subtracting total expenses from total revenues.
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