Answer :
Final answer:
The income statement is a key financial document that assesses an organization's profitability by comparing revenues to expenses.
Explanation:
The income statement is a crucial financial document that shows an organization's revenues, expenses, and changes in net assets over a specific time period
It helps determine whether an organization is profitable by comparing revenues to expenses. If revenues exceed expenses, the organization is profitable.
Key components of the income statement include revenue, operating expenses, interest, taxes, and earnings for shareholders.
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