Fundamentals of Accountancy Module 004: Statement of Comprehensive Income Part I

Revenue = Inflows of resources during ordinary operating activities Net Income = The resulting amount after subtracting expenses from revenues Expenses = Outflows of resources incurred to generate revenue Gains = Positive results from non-operating activities

Identify the elements of a statement of income and the relationship that exists among the elements. = Revenue, Expenses, Gains, Losses Discuss the different components of an income statement. = Revenues, Expenses, Net Income Define business operating activities and the types of business operations. = Services, Retailing, Wholesaling, Manufacturing

Non-profit organizations or foundations = Entities that do not aim to earn profit Revenue accounts = Accounts used to record incoming resources from ordinary operations Expense accounts = Accounts used to record outflows incurred to generate revenue Net loss = Resulting amount when expenses exceed revenues

<p>Service = Business involved in selling services Merchandising = Business that buys inventory to resell Manufacturing = Business that converts raw materials into products</p> Signup and view all the answers

<p>Doctor practicing profession = Service National Bookstore = Merchandising San Miguel Corporation = Manufacturing</p> Signup and view all the answers

<p>Day-care center = Service Online retailer like Lazada = Merchandising Samsung = Manufacturing</p> Signup and view all the answers

<p>Revenue = Inflows of resources during operating activities</p> Signup and view all the answers

<h1>Jimenez, C.E., Palo, R.R, &amp; Ocampo, L.B. (2017) = Fundamentals of Accounting 2: Theory and Practice Jimenez, C.E., &amp; Ocampo, L.B. (2015) = Fundamentals of Accounting, Quicknotes and Exercises</h1> Signup and view all the answers

<p>Income Statement (explanation); <a href="https://www.accountingcoach.com/incomestatement/explanation;">https://www.accountingcoach.com/incomestatement/explanation;</a> 10 April 2017 = Online Supplementary Reading Materials Basic relationship of financial statement: <a href="http://accountingsimplified.com/financial/statements/links-and-relationships.html">http://accountingsimplified.com/financial/statements/links-and-relationships.html</a> = Online Supplementary Reading Materials Income Statement Explained: Comprehensive Income Statement Tutorial - Profit &amp; Loss Statement; <a href="https://www.youtube.com/watch?v=EdHQ646zrDI&amp;feature=youtu.be;">https://www.youtube.com/watch?v=EdHQ646zrDI&amp;feature=youtu.be;</a> 23 March 2017 = Online Instructional Videos Course Module =</p> Signup and view all the answers

<h1>Statement of Comprehensive Income Part I = References and Supplementary Materials = Books and Journals =</h1> Signup and view all the answers

<p>Gains = Inflow of resources not arising from main activity Expenses = Outflows of resources during ordinary operating activities Losses = Outflow of resources not arising from main activity Net Profit = Revenues and gains greater than expenses and losses</p> Signup and view all the answers

<p>Net Loss = Outflow of resources not arising from main activity Course Module Cost of Goods Sold = Direct costs of production of goods Gross Profit = Difference between revenue and cost of goods sold Gains = Inflow of resources not arising from main activity</p> Signup and view all the answers

<p>Expenses = Costs incurred during ordinary operating activities Losses = Selling an investment below its book value Net Profit = Successful business operations period Course Module Cost of Goods Sold = Direct costs of production</p> Signup and view all the answers

<p>Course Module Cost of Goods Sold = Direct costs Gross Profit = Financial performance indicator Net Loss = Outflow not from main activity Gains = Inflow from incidental activities</p> Signup and view all the answers

<p>Service income = Revenue account title for service businesses Sales = Account title frequently used by merchandisers and manufacturers Gain from sale of equipment = Account title for gains arising from selling old equipment above book value Cost of goods sold = Expense account title used by merchandising businesses</p> Signup and view all the answers

<p>Expenses = Outflows of resources during ordinary operating activities Loss from the sale of investment = Account title for losses arising from selling an investment below book value Cost of services = Expense account title used by service businesses Sales revenue = Revenue account title frequently used by merchandisers and manufacturers</p> Signup and view all the answers

<p>Gains = Result in an inflow of resources from incidental activities Losses = Result in an outflow of resources from incidental activities Expenses = Outflows of resources during normal business operations Revenues = Inflows of resources from primary business activities</p> Signup and view all the answers

<p>Selling old equipment above book value = Gain from sale of equipment Using assets in the normal course of business = Expenses Selling an investment below book value = Loss from the sale of investment Inflows from primary business activities = Revenues</p> Signup and view all the answers