Purpose of the income statement

Reference no: EM1344656

In terms of measuring income, income summarizes the financial effects of the business' operating activities. A main purpose of the income statement is to explain how income is determined with its important components reported as separate line items.

Distinguish between net income, comprehensive income, and continuing income. Cite and discuss examples of income statement items that create differences between these three income measures.

Reference no: EM1344656

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