Answer to Question #231893 in Accounting for Another you

Question

Answer the following:

I. The heading of the SCI will indicate the period as:

a. A date only c. For the period ended and followed by a date

b. As of and followed by a date d. All of the above

II. The account used to indicate revenue derived from other activities of the business is:

a. Gains c. Profit

b. income d. Revenue

III. Which of the following is not associated with the Statement of Comprehensive

Income?

a. Foreign currency translation c. Actuarial gains and losses on a defined pension

adjustments plan

b. Revaluations of Property, d. None of the above

Plant and Equipment

IV. This occurs when revenue exceeds expenses.

a. Gross Income c. Net Loss

b. Net Income d. Total Loss

V. The difference between Comprehensive Income Statement and Income Statement:

a. account titles c. none

b. elements d. statement date

VI. This represents the cost to pay labor and employees of a service business:

a. advertising expense c. salaries and wages

b. labor fees d. transportation expense

Answer 1

Solution:

I.). The correct answer is c. For the period ended and followed by a date.

II.). The correct answer is a. Gains.

 

III.). The correct answer is b. Revaluations of Property.

 

IV.). The correct answer is b. Net Income.

 

V.). The correct answer is b. elements.

Comprehensive income statement includes other elements such as unrealized gains and losses and therefore, a more detailed view of a company’s net income.

 

VI.). The correct answer is c. salaries and wages.