In preparing final accounts, which financial statement shows the company's profi

In preparing final accounts, which financial statement shows the company's profitability?

In preparing final accounts, which financial statement shows the company's profitability?

Step 1: Understand that companies create financial statements to show their financial performance.
Step 2: Identify the different types of financial statements, such as the Balance Sheet and the Income Statement.
Step 3: Learn that the Income Statement is specifically designed to show how much money a company made and spent over a certain period.
Step 4: Recognize that the Income Statement includes revenues, expenses, and ultimately the profit or loss.
Step 5: Conclude that the Income Statement is the financial statement that shows the company's profitability.

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