Total comprehensive income for the period is presented  Group of answer choices a. showing separately an analysis of expenses by nature. b. showing separately the total amount attributable to owners of the parent and the noncontrolling interest. c. showing separately profit or loss and the total of other comprehensive income. d. showing separately an analysis of expenses by function

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: To arrive at comprehensive income, additional items are included

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: indicate whether the statement describes a multiple-step income statement or asingle-step income…

A:

Q: ___________________________ in which the similar expenses are grouped together and intermediate…

A: Revenues is the amount earned by an entity and outlays are the amounts incurred on the operations of…

Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…

A: INCOME STATEMENT income Statement is one of the Important Financial Statement of the Company. It…

Q: Which of the following is an expense? a. Purchases b. Dividend received c. Sales d.

A: Expenses are to be paid by company So expenses are money to be paid.

Q: It is added to income received to determine the total income for the year that is recorded under the…

A: Net income: It can be defined as the excess of a company's sales revenue over the expenses incurred…

Q: Under the matching principle, when are expenses recorded?

A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…

Q: 1) On the Statement of Retained Earnings where does the Beg Balance of RE come from?2) Also…

A: Part-1.The beginning balance of Retained earnings are available in the Trial balance. As the…

Q: Costs that are treated as assets until the product is sold are called A. Product cost B. Period cost…

A: Period cost is costs incurred by organisation which are not related to production of product. These…

Q: An entity shall present all items of income and expenses recognized in a period: I-in a single…

A: Profit and loss is a financial statement that helps in depicting the position of profitability of an…

Q: Accrual Accounting - The Matching Concept How can expenses be recognized in the income statement…

A: The matching concept is a fundamental principle in accounting that requires the recognition of…

Q: The income statement includes Group of answer choices -expenditures, net worth, surplus or deficit.…

A: Income statement is one of the financial statements that helps in depicting the profitability of an…

Q: Expenses paid and recorded as assets before they are used are called   Select one: a.  interim…

A: Expenses incurred in the interim period of an aggregate expense. It is known as interim expense.…

Q: When do we use the Income Summary Account? OA. At the beginning of the financial year to close net…

A: The income summary account provides the summary for loss or profits earned by business during…

Q: The following statements are correct, except:

A: Profit or loss is a statement which shows how much net profit has been earned by the company or…

Q: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: Which of the following accounts would not be involved in preparing the income statement? Group of…

A: Profit and loss : Amount earned or lost on the sale of one or more items is referred to as the…

Q: Under accrual basis of accounting, revenue is recognized when ______________ and expenses are…

A: Accrual basis of Accounting recognises when transactions take place. Under accrual basis accounting…

Q: balance sheet lists v

A: First option is wrong because revenues, expenses, gains and distributions to owners are listed in…

Q: why adjusting of the income statement, and give three examples of items that are recasted?

A: The company prepares the Income statement to know the net income or losses that arise during the…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rent…

A: Revenues are the amount received from the sale of goods and services.  Expenses are the cost…

Q: Return on assets

A: Return on assets is computed as net income upon total assets of the company.

Q: Accrual adjustments pair: Multiple Choice assets with expenses, liabilities with revenues. assets…

A: Asset like prepaid expense can be accrued and expensed. Liability like unearned revenue can be…

Q: Which of the following journals would correctly post an adjustment for deferred (prepaid) income?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Which of the following is not included under other income? a. Rent received b. Commission received…

A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.

Q: Match the best answer to each statement. Equipment belongs on the Choose. Income Summary belongs on…

A: The income statement and balance sheet are the financial statements.

Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…

A: Income statement will be prepared  before the  preparation of the statement of owner’s equity…

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: 4. Which of the following is not an element of a statement of comprehensive income? a. Interest…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Explain the following A.Accounting profit B.Taxable profit C.Deffered taxes

A: In accounting we come across different terms related to the subject of accountancy.   Each term has…

Q: recorded under the accrual basis of accounting A. deferred income - end B. prepaid expense - beg C.…

A: (c) Accrued income-beg , is added to income received to determine the total income for the yearthat…

Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…

A: The income statement seems to be a statement that displays the net profit of the company as well as…

Q: Provide 3 examples of accumulated comprehensive income and their components.

A: The components of accumulated comprehensive income are net income, other comprehensive income, and…

Q: On the multiple-step income statement, which of the following would be the least likely to be found…

A: Other losses and incomes head in the multistep income statement shows all the expenses and revenues…

Q: Interest paid and payable comes to the...............side of the profit and loss account.…

A: Eliminating the incorrect options:Option B. ReceiptReason: Interest paid represents money going out…

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising…

A: The income statement is one of the financial statements of the business. It tells about the…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…