(F1) Statement of Comprehensive Income Flashcards
1
Q
What is Comprehensive Income?
A
2
Q
Purpose and Use of Comprehensive Income
A
3
Q
What are the types of profit?
A
- Gross Profit
- Operating Profit
- Net Profit
- Net Profit after tax
4
Q
What is gross profit?
A
5
Q
What is operating profit?
A
6
Q
What is net profit?
A
7
Q
What is net profit after tax?
A
8
Q
What is the adjustment for depreciation in the statement of comprehensive income?
A
- If the asset is depreciated too quickly the profit will appear to fall
- If depreciation is too slow then it will inflate the business profit
9
Q
What is the adjustment for prepayments and accruals in the statement of comprehensive income?
A
10
Q
What are accruals?
A
11
Q
Evaluation?
A
