
Statement of Compehensive Income & Statement of Changes in Equit
Authored by Yvette Legaspi
Financial Education
12th Grade
Used 2+ times

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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Statement of Comprehensive Income shows information on an entity's financial position during the period.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Revenue includes both income and gains.
False
True
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The revenue earned by a merchandising business from its sales of goods is commonly referred to as sales.
False
True
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If income is greater than expenses, the difference is loss.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The revenue earned by a service business from rendering services is commonly referred to as service fees.
False
True
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Expenses decreases equity.
False
True
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If total income is 100,000 pesos while total expenses are 80,000 pesos, loss is 20,000 pesos.
False
True
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