FABM 2 WEEK 2

1. Select the most appropriate description of the statement of comprehensive income’s key features.

• a. A statement of comprehensive income is like a picture that depicts a static image of an entity.

• b. A statement of comprehensive income is like a moving video that depicts a moving scene of an entity.

• c. A statement of comprehensive income contains assets, liabilities, and equity.

• d. A statement of comprehensive income is dated ‘’As of December 31, 2016.”

2. Which is an appropriate date for a statement of comprehensive income?

• a. “As of December 31, 2015’’

• b. “For the period ended December 31, 2015”

• c. Either a or b

• d. Neither a nor b

3. Which of the following is an element of a statement of comprehensive income?

• a. Cash

• b. Receivable

• c. Revenues

• d. Interest Receivables

4. Which of the following is an element of a statement of comprehensive income?

• a. cash equivalents

• b. Capital

• c. Drawing

• d. Professional fees

5. Which of the following is an element of a statement of comprehensive income?

• a. Note Payable

• b. Note Receivable

• c. Interest Receivable

• d. Interest Expense