Which of the following statements about the statement of profit or loss is not true?
A) Income in the statement of profit or loss represents all the revenue earned during the financial period.
B) Income - expenditure = the profit or loss for the financial period.
C) Expenditure in the statement of profit or loss represents all the cash paid out during the financial period.
D) Expenditure in the statement of profit or loss represents all the expenses incurred during the financial period.
Correct Answer:
Verified
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