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    Question

    If you want to understand the financial performance of a

    company over a specific accounting period, which of the following financial statement will be useful? 
    A Balance Sheet Correct Answer Incorrect Answer
    B Cash Flow Statement Correct Answer Incorrect Answer
    C Profit and Loss Statement Correct Answer Incorrect Answer
    D Statement of Changes in Equity Correct Answer Incorrect Answer
    E Notes to Accounts Correct Answer Incorrect Answer

    Solution

    The P&L statement shows revenue, expenses, and profits or losses over a specific period, helping stakeholders assess operational performance. 

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