Statement Of Comprehensive Income Grade 12

But don t depend solely on it.

Statement of comprehensive income grade 12. Revision video accounting grade 12 companies final accounts financial statements and notes. According to international financial reporting standards since 1 january 2009 an entities make. The income statement encompasses both the current revenues resulting from sales and the accounts receivables which the firm is yet to be paid. The statement of comprehensive income illustrates the financial performance and results of operations of a particular company or entity for a period of time.

The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. You are provided with information relating to samora sports limited. A statement of comprehensive income is the overall income statement that consolidates standard income statement which gives details about the repetitive operations of the company and other comprehensive income which gives details about the non operational transactions such as the sale of assets patents etc. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc.

Press enter to view all search results. Financial statements study notes accounting grade 12 income statement balance sheet courses subjects and textbooks for your search. Limitations of a statement of comprehensive income. Company reporting 65 marks 30 minutes.

2 teacher notes session 1. Xtra gr 12 accounting. 1 1 income statement. Although the income statement is a go to document for assessing the financial health of a company it falls short in a few aspects.

3if a company prepares a statement of comprehensive income then disclosure is required for 1 other comprehensive income classified by nature 2 comprehensive income of associates and joint ventures and 3 total comprehensive income the statement of comprehensive income is discussed in more detail later in the chapter. Comprehensive income is typically reported in a separate statement from income resulting from owner changes in equity it is also allowed to provide all information in a single statement. Accounting grade 12 session 1. In this lesson we introduce financial statements as well as discuss users of financial statements and consider the income statement.

The company sells sports equipment and repairs equipment for their customers.