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Which statement is correct regarding the income statement (profit and loss)? Both revenue and tax charges must be presented unless the company is a sole
Which statement is correct regarding the income statement (profit and loss)?
Both revenue and tax charges must be presented unless the company is a sole proprietorship (sole trader).
The content and layout is standardized so that businesses can be easily compared.
An amount for cost of goods sold must be presented.
Companies must present a sub-total for earnings before interest, taxes, depreciation, and amortization.
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