A-LevelAccountingFinancial reporting and ethical considerations9706/12 · May/June 2022 · Q111 Mark
On what basis does a trading business produce an income statement? 1 cash received and paid out by the business in the year 2 income earned less costs incurred by the business during the year 3 revenue received less any cash paid out by the business during the year
A1 and 2
B1 and 3
C2 and 3
D2 only
✓ Correct answer
D: 2 only
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