Identify the two basic categories of items on an income statement.

Explanation:

The Income statement is used to check the financial performance of a company within a period by calculating the net income or losses made.

It does so by subtracting the expenses incurred from the revenue realized. These two categories are therefore the most basic items in the income statement and will always appear in them.

Examples of Revenue sources include; Sales and Service Revenues.

Examples of Expenses include; Advertising, Salaries and Depreciation.

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