FABM 2

IT IS ALSO KNOWN AS INCOME STATEMENT.

• STATEMENT OF COMPREHENSIVE INCOME(SCI)

• STATEMENT OF CHANGES IN OWNER'S EQUITY

• STATEMENT OF FINANCIAL POSITION

IT REFERS TO INCREASE IN ECONOMIC BENEFITS IN THE FORM OF INFLOWS OF ASSETS OR DECREASES OF LIABILITIES THAT RESULT IN INCREASE IN EQUITY DURING THE ACCOUNTING PERIOD.

• TEMPORARY ACCOUNTS

• INCOME

• EXPENSES

• NATURAL FORM

• FUNCTIONAL FORM

IT REFERS TO DECREASE IN ECONOMIC BENEFITS IN THE FORM OF OUTFLOWS OR DEPLETION OF ASSETS OR INCURRENCE OF LIABILITIES THAT RESULT IN DECREASE IN EQUITY DURING THE ACCOUNTING PERIOD.

• TEMPORARY ACCOUNTS

• INCOME

• EXPENSES

• NATURAL FORM

• FUNCTIONAL FORM

IT IS ALSO KNOWN AS NOMINAL ACCOUNTS.

• TEMPORARY ACCOUNTS

• INCOME

• EXPENSES

• NATURAL FORM

• FUNCTIONAL FORM

IT IS ALSO KNOWN AS THE NATURE OF EXPENSE METHOD OR SINGLE-STEP FORM.

• TEMPORARY ACCOUNTS

• INCOME

• EXPENSES

• NATURAL FORM

• FUNCTIONAL FORM

IT IS ALSO KNOWN AS THE COST OF SALES METHOD OR MULTI-STEP FORM.

• TEMPORARY ACCOUNTS

• INCOME

• EXPENSES

• NATURAL FORM

• FUNCTIONAL FORM

INCLUDES THE REVENUE EARNED BY THE BUSINESS IN PERFORMING SERVICES TO A CLIENT.

• SERVICE INCOME

• SALARIES OR WAGES EXPENSE

• RENT EXPENSE

• UTILITIES EXPENSE

• SUPPLIES EXPENSE

REFR TO ALL PAYMENTS MADE TO EMPLOYEES FOR RENDERING THEIR SERVICES IN THE COMPANY.

• SERVICE INCOME

• SALARIES OR WAGES EXPENSE

• RENT EXPENSE

• UTILITIES EXPENSE

• SUPPLIES EXPENSE

AN EXPENSE INCURRED FROM ELECTRICITY, WATER, TELECOMMUNICATIONS AND FUEL FACILITIES.

• SERVICE INCOME

• SALARIES OR WAGES EXPENSE

• RENT EXPENSE

• UTILITIES EXPENSE

• SUPPLIES EXPENSE

AN EXPENSE INCURRED FROM RENTALS.

• SERVICE INCOME

• SALARIES OR WAGES EXPENSE

• RENT EXPENSE

• UTILITIES EXPENSE

• SUPPLIES EXPENSE