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The income statement should be prepared _______?

The income statement should be prepared _______?

آمدنی کا بیان ______ تیار کیا جانا چاہئے؟
Explanation
  • The income statement is prepared first as it determines the net income or loss, which is needed for the retained earnings statement.

  • The retained earnings statement then helps in preparing the balance sheet by updating equity figures.