SCI

Also known as the income statement.

• Statement of Comprehensive Income

• Statement of Financial Position

• Incoming Statement

• Balance Sheet

Contains

the results of the company’s operations for a specific period of time and can be prepared for a month,

a quarter or a year.

• Statement of Comprehensive Income

• Statement of Financial Position

• Incoming Statement

• Balance Sheet

In the SCI, a net positive result is called-

• Net loss

• Revenue

• Gross Income

• Net Income

In the SCI, a net negative result is called-

• Net loss

• Revenue

• Gross Income

• Net Income

Also known as nominal accounts.

• Real accounts

• Permanent accounts

• Temporary accounts

• Contractual accounts

Accounts found under the

SCI are called-

• Contractual accounts

• Permanent accounts

• Real Accounts

• Temporary accounts

Revenues, sales, utilities expense, supplies expense,

salaries expense, depreciation expense and interest expense are examples of-

• Real Accounts

• Temporary accounts

• Permanent accounts

• Contractual accounts

SCI format wherein all revenues are listed down in one section while all expenses are listed in another.

• Single-step

• Multi-step

• Account form

• Report form

SCI format wherein there are several steps needed in order to arrive at the company’s net income.

• Single-step

• Multi-step

• Account form

• Report form

This SCI format is commonly used by service companies.

• Single-step

• Multi-step

• Account form

• Report form