Statement of Compehensive Income & Statement of Changes in Equit

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

• True

• False

Revenue includes both income and gains.

• False

• True

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

• False

• True

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

• True

• False

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

• False

• True

Expenses decreases equity.

• False

• True

If total income is 100,000 pesos while total expenses are 80,000 pesos, loss is 20,000 pesos.

• False

• True

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

• False

• True

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

Income increases equity.

• False

• True