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Income statement

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Why is the date on the income statement important?

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Solution Summary

Income statement deciphering is achieved.

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The elements of income are generally divided into four categories: revenues, expenses, gains and losses. Revenues are inflows or other enhancements of financial assets of your business. They may also be settlements of your liabilities from delivering or producing goods and services, or engaging in other activities that constitute your company's ongoing major or central operation. ...

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