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Activity 1: brief introduction of Statement of Comprehensive In
  • 1. A business reports total income of ₱300,000 and total expenses of ₱180,000. The profit (loss) is?
A) 100,000
B) 200,000
C) 220,000
D) 120,000
  • 2. Which of the following is not presented in the statement of comprehensive income?
A) Assets
B) Expenses
C) Income
D) Revenue
  • 3. Expenses are presented in the income statement using?
A) Nature of expense method
B) B and C
C) Function of expense method
D) Current and non-current method
  • 4. The income statement of ABC Company shows gross profit. ABC Company’s income statement is most likely to have been prepared using
A) the dance-step method
B) the step-by-step method
C) the single-step method
D) the multi-step method
  • 5. Which of the following statements is correct regarding an income statement prepared using the single-step method?
A) As a minimum, a heading for “cost of sales” or “cost of goods sold” must be presented.
B) The single-step method is not acceptable for external reporting.
C) Expenses are presented according to their nature, such as employee benefits, depreciation, and the like, without regard to their function in the entity’s operations
D) Operating expenses are classified according to their function within the entity, such as cost of sales, selling expenses, general and administrative expenses, and other functional expenses.
  • 6. Entity A reports profit of ₱95,000 and total expenses of ₱180,000. Entity A’s total income must be
A) -85,000
B) 85,000
C) 250,000
D) 275,00
  • 7. Which of the following is not presented in an income statement?
A) Sales revenue
B) Depreciation
C) Property, plant and equipment
D) Selling expenses
  • 8. An income statement differs from a statement of comprehensive income because
A) the former shows profit or loss while the latter does not
B) the former shows other comprehensive income while the latter does not
C) None of these. The income statement and statement of comprehensive income are the same
D) the latter shows other comprehensive income while the former does not
  • 9. A business has net sales of ₱300,000, cost of sales of ₱170,000 and other operating expenses of ₱80,000. The gross profit of the business is?
A) 50,000
B) 90,000
C) 220,000
D) 100,000
  • 10. What is another name for the income statement?
A) Profit & Loss
B) Owner’s Equity
C) Cash Flows
D) Balance Sheet
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