lesson 2

Question 1

consists of all revenues, gains and losses that cause the equity account to change at the end of the accounting period.

Answer 1

Statement of comprehensive income

Question 2

is compose of company name, the SCI title and the date starts with for the period ended (date)

Answer 2

Heading

Question 3

are increases in economic benefits during the end period in the form of inflows

Answer 3

Income

Question 4

are decreases in economic benefits during the period in the form of outflows or depletions of assets or increases of liabilities that result in decreases in equity,

Answer 4

Expenses

Question 5

is the result of operation.

Answer 5

Net income / net loss

Question 6

expenses are presented according to their nature (for example, depreciation, purchase of materials, transport costs, employee benefits and advertising costs) and are not reallocated among their functions within the entity.

Answer 6

Nature of expense method

Question 7

are gains or losses in hedging derivatives, translation of foreign currency exchange rate

Answer 7

Comprehensive income

Question 8

An approach used on preparing statement of comprehensive ineome that shows expense by its nature.

Answer 8

Single step approach

Question 9

:the difference between an Income Statement on
and SCI

Answer 9

Comprehensive income

Question 10

The nature of business for a single step
statement of comprehensive income

Answer 10

Single proprietorship

Question 11

nature of business for a multi-step statement of a comprehensive income

Answer 11

Merchandising

Question 12

expenses to be given to the company’s employees for the services they have rendered.

Answer 12

Salaries Expenses

Question 13

expenses usually referred to by Meralco,
Maynilad and PLDT

Answer 13

Utilities expense