n: In a sheet of paper, write TRUE if the statement is correct and FALSE if
the statement is incorrect.
1.
The revenue earned by a service business for rendering services for a fee is
commonly referred to as Service Income or Service Revenue.
2.
A Statement of Comprehensive Income may be presented using a “multistep statement” presentation only.
3.
Revenue includes both income and gains.
4.
If expenses are greater than income, the difference is net loss.
5.
The revenue earned by the merchandising business from its sales of goods
is commonly referred to as Sales.
6.
Income increases economic benefits during the period in the form of inflows
of cash from rendering services.
7.
The statement of Comprehensive Income shows information on an entity’s
financial performance during the period.
8.
A Statement of Comprehensive Income that shows expenses by its function
is referred to as prepared using a single-step approach.
9.
Expenses encompass both expenses and losses.
10. The statement of profit and loss and other comprehensive income is