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Which of the following statements concerning income statement profitability measures is most correct?
Net income is referred to as the top line of the income statement.
Net income measures total profitability as defined by tax accounting (IRS) rules.
In not-for-profit businesses, the entire amount of net income is reinvested in the business.
Many organizations report both operating income and net income.
Statements a., b., and c. are all correct.
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