Please explain the meaning of the following statement, I don't understand. The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.

Please explain the meaning of the following statement, I don't understand. The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please explain the meaning of the following statement, I don't understand.

The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.

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