F1M1 Flashcards
1
Q
What is a full set of general purpose financial statements?
A
- Statement of Financial Position (balance sheet)
- Statement of earnings (income statement)
- Statement of comprehensive income
- Statement of cash flows
- Statement of owner’s equity
- Notes
2
Q
What is the income statement used for?
A
- to determine profitability
- to determine value for investment purposes
- to determine creditworthiness
- to predict the amounts, timing, and uncertainty of cash flows based on past performance
3
Q
What is the difference between cost and unexpired costs?
A
4
Q
What are the uses of the income statement?
A
5
Q
What is the purpose of the income statement?
A
6
Q
What are revenues?
A
7
Q
What are expenses?
A
8
Q
What are gains?
A
9
Q
What are losses?
A
10
Q
What is a multiple-step income statement?
A
11
Q
Give an example of a multiple-step statement?
A
12
Q
What is a single step income statement?
A
13
Q
What is an example of a single step income statement?
A
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