income statementa formal statement of the parts, Financial Management

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income statementa formal statement of the parts

Income Statement

A formal statement of the parts used in determining an organization net income that is called profit and loss statement. The several categories reported in an income statement are those: sales, gross margin, and income from operations, income before tax, income before extraordinary items, income from continuing operations, or cumulative effect and net income.

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Financial Management: income statementa formal statement of the parts

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