Another Term for an Income Statement Is ______

question 83

Multiple Choice

Another term for an income statement is ______.

• A)profit and loss statement
• B)income tax statement
• C)balance sheet
• D)credit report

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Definitions:

IAS 1

International Accounting Standard 1, which outlines the presentation of financial statements, aiming for comparability, transparency, and fairness in financial reporting.

Financial Statements

A set of reports that detail the financial activities and condition of a business, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity.

GST Inclusive

A pricing format where the price of goods and services includes the Goods and Services Tax (GST) charged.

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