Examlex
Select the word that is spelled correctly.
Income Statement
A report detailing a business's income, outgoings, and profit over a set period.
Financial Statement
A financial statement is a report that provides information regarding a company's financial performance and position, including its income statement, balance sheet, and cash flow statement.
Profit
The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.
Accounting Equation
The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus equity.
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