The Statement of Comprehensive Income shows information on an entity's financial position during the period.

• True

• False

Revenue includes both income and gains.

• True

• False

The revenue earned by a merchandising business from its sales of goods is commonly referred to as sales.

• True

• False

If income is greater than expenses, the difference is loss.

• True

• False

Tags

CCSS.7.NS.A.1B

A statement of comprehensive income that shows expenses by their function is said to have been prepared using the multi-step approach.

• True

• False

The revenue earned by a service business from rendering services is commonly referred to as service fees.

• True

• False

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Expenses decreases equity.

• True

• False

If total income is 100php while total expenses are 80php, loss is 20php.

• True

• False

Tags

CCSS.6.NS.C.5

The statement of profit or loss and other comprehensive income is the same with the income statement.

• True

• False

A statement of comprehensive income that presents separately an entity's cost of sales is said to have been prepared using the single-step method.

• True

• False