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Gains and losses are shown in which of the following statements? Select one: a statement of stockholders equity b. Income st

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Answer #1

Option (b) is correct

Gain and losses are always shown in income statement. Income statement is prepared to know the profit or loss made during a period of time.

Option (a) is incorrect as statement of stockholder's equity shows changes in stockholder's equity during the period.

Option (c) is incorrect as statement of cash flows show the sources and uses of cash during a period of time.

Option (d) is incorrect as Balance sheet shows the financial position of a business at a particular point of time.

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