Revenue includes both income and gains.

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

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

A statement of comprehensive income that shows expenses by their function is said to have been prepared using the multi-step approach.

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

Expenses decreases equity.

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

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

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.

Income increases equity.

The elements of the statement of comprehensive income are income and expenses.

An entity can present an income statement alone in lieu of the statement of comprehensive income.

The statement of comprehensive income shows profit or loss only.

The statement of profit or loss and other comprehensive income is different from the income statement.