Question

Traditional format income statements are prepared primarily for external reporting purposes. true /false

Answer 1

Traditional format income statements are prepared primarily for external reporting purposes are true.

What is income?

Income is the money that an individual or organization receives in return for their services or goods. Depending on the context—such as taxation, financial accounting, or economic analysis—income may have a variety of definitions. For the majority of people, their total earnings include their wages and salaries, investment returns, pension payments, and other receipts. There is no one, universal definition of income; rather, the concept is defined in accordance with the context in which it is used. For businesses, income refers to the revenues from selling services and products as well as any interest and dividends received in relation to their cash accounts and related reserves.

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