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Answer Posted / rabindra mallick
It is a very good question for each and every finance
professionals.
The main purpose for preparing Income Statement as described
below...
(01) To know the operating performance for the particular
period.
(02) To analyse the key areas of success and failure for
that particular period accordingly set target.
(03) The income statement also helps as past data for
further Budgeting as well as Budgetary Control.
That End, Thanks
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