Answer to Question #341579 in Management for Ankur

Question

Which of the following describes the purpose of an income statement?

(Note: More than one option may be correct.)

1.To determine the financial position (in terms of assets and liabilities) of a firm at a particular point in time

2.To study the year-on-year comparison 

3.To study and identify business trends 

4.To evaluate overall profitability margins