Statement of Comprehensive Income Quiz

What is the other term for Statement of Comprehensive Income?

• Notes to Financial Statement

• Income

• Balance Sheet

• Income Statement

What are the 2 kinds of income?

• Gains

• Profit

• Interest

• Revenues

What are the 2 kinds of expenses?

• Cost of Sales

• Cost of Goods Sold

• Expenses

• Losses

Revenue/Income is recognized when it is ______.

• Incurred and Earned

• Earned

• Incurred

• Neither Incurred nor Earned

Expense is reported when it is ________.

• Earned

• Incurred

• Incurred and Earned

• Neither Incurred nor Earned

What is the revenue term for merchandising business?

• Sales Revenue

• Revenue

• Service Revenue

• Rental Income

What is the revenue term for service business?

• Income

• Service Revenue

• Sales Revenue

• Revenue

What are the two ways of keeping records of inventory?

• Yearly Inventory System

• Monthly Inventory System

• Quarterly Inventory System

• Periodic Inventory System

• Perpetual Inventory System

All are operating expenses, except (2 answers)

• Prepaid Expense

• Accrued Expense

• Utilities Expense

• Salaries Expense

• Supplies Expense

All are operating expenses, except (1 answer only)

• Depreciation Expense

• Gasoline Expense

• Bad debt Expense

• Amortization Expense

• Interest Expense