Statement of Comprehensive Income

The two elements of financial statements for SCI

Formerly known as Income Statement

TRUE or FALSE

The revenue earned by a service business for rendering services for a fee is commonly referred to as Service Income or Service Revenue.

• TRUE

• FALSE

TRUE or FALSE

A Statement of Comprehensive Income that shows expenses by its function is referred to as prepared using a single-step approach.

• TRUE

• FALSE

TRUE or FALSE

Income increases economic benefits during the period in the form of inflows of cash from rendering services.

• TRUE

• FALSE

The elements of Comprehensive Income

• Heading

• Income

• Expense

• Assets

• Liabilities

An example to this is gains or losses on hedging derivatives

• A. Comprehensive Income

• B. Financial Position

• C. Changes in Equity

An approach used on preparing statement of comprehensive income that shows expense by its nature.

• Multiple approach

• Single approach

The nature of business for a multi-step statement of a comprehensive income

This occurs when revenue is less than expenses.