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1. What are the three limitations of the income statement? 2. Can the terms net income and comprehensive income be used interchangeably? Why? Define both,

1. What are the three limitations of the income statement?

2. Can the terms net income and comprehensive income be used interchangeably? Why? Define both, net income and comprehensive income.

3. Explain the difference between a single-step and multiple-step income statement. Which statement is more transparent?

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