Which of the following is normally the report prepared for a department?

Question

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The income statement is typically used to report the financial performance of a department or business for a specific period of time. It shows the revenue earned, expenses incurred, and net profit or loss for the period. The other options - cash flow statement, statement of equity, and balance sheet - provide information on a company's cash position, owner's equity, and financial position respectively, but are not typically used as departmental reports.

Which of the Following Is Normally the Report Prepared for a Department