Advantages and disadvantages of income statement

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The Income Statement is a measure of financial performance resulting from the aggregation of revenues, expenses, gains and losses that are not items of other comprehensive income.

Comprehensive income is the change in a company's equity during a period of time resulting from transactions and other events and circumstances from non-owner resources. It is therefore the sum of net income and other comprehensive income.

Considering the two statements above, what do you believe are the advantages and disadvantages of the income statement and why?

Reference no: EM133147295

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