Income statement is the _________ picture of an organisation and reflects the results of operations for a period.

Fix

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Moving

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Correct

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All of the above

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Solution

The correct option is B Moving
Income statement shows the revenues and expenses of the organisation earned or incurred over the year. The statement shows all the transactions that have taken place in that year. Hence, it is said that Income statement is the moving picture of an organisation and reflects the results of operations for a period.

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