Statement Of Comprehensive Income Questions And Answers Pdf

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.

Statement of comprehensive income questions and answers pdf. The statement of comprehensive income shows profit or loss only. Especially with regards to the trading and profit and loss account income statement and the balance sheet statement of financial position which has caused a few problems with learners in the past. Total comprehensive income 40 980 b quincy statement of changes in equity for the year ended 30 september 2012 share revaluation retained total capital reserve earnings equity 000 000 000 000 balance at 1 october 2011 60 000 nil 18 500 78 500 total comprehensive income 18 000 22 980 40 980. Only revenue and expense accounts are displayed on the income statement.

Green as at 31 march 2015. Green as at 31 march 2015 in both horizontal and vertical style. The statement of profit or loss and other comprehensive income is different from the income statement. Those questions that require some narrative are still lacking in some cases with only a few words offered being the order of the day.

Prepare balance sheet for f. Statement of cash flows direct method example assume that accounts payable was only used to acquire. The following trial balance is prepared after preparation of income statement for f. 227 the income statement is a summary of the revenues and expenses a company accrues over a period of time such as an accounting period or a year.

In the absence of information about the date of repayment of a liability then it may be assumed. V non controlling interest in statement of financial position 000 at date of acquisition 3 600 post acquisition loss from statement of profit or loss 750 2 850 2 a moby statement of profit or loss and other comprehensive income for the year ended 30 september 2013 000 revenue 227 800. It provides an accounting policy choice between presenting total comprehensive income in a single statement or in two separate statements. Fabm2 statement of comprehensive income practice problems answer key free download as word doc doc docx pdf file pdf text file txt or read online for free.

Section 5 statement of comprehensive income and income statement specifies requirements for presenting an entity s financial performance for the period. A statement of comprehensive income that presents separately an entity s cost of sales is said to have been prepared using the single step method.