identify the elements of the SCI and describe each of these items for a service business and a merchandising business
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Q 1/15
Score 0
The following are other names of Income Statement, except ____________-
30
Statement of Cash Flow
Statement of Performance
Statement of Comprehensive Income
Statement of Profit and Loss
Q 2/15
Score 0
It provides information about entity's past performance.
20
Statement of Owner's Equity
Statement of Cash Flow
Balance Sheet
Income Statemen
15 questions
Q.
The following are other names of Income Statement, except ____________-
1
30 sec
ABM_FABM12- Ic-d-5
Q.
It provides information about entity's past performance.
2
20 sec
Q.
These are the elemets of SCI-Single Step.
3
30 sec
Q.
Expense is the outflow of arising in used of an asset in the buisness ot generate Sales.
4
10 sec
Q.
We can say that the company performed well on a specific period if the EXPENSE is greater than the REVENUE.
5
10 sec
Q.
If Revenue is greater than Expense then we have ____________
6
10 sec
Q.
Which of the following is an expense account?
7
30 sec
Q.
Which of the followwing is not a revenue account?
8
30 sec
Q.
The total revenue is 300,000.00 and the total expense is 75,000.00. How much is the business earnings?
9
30 sec
Q.
If the business incurred losses, what does it mean?
10
30 sec
Q.
It means one deduction of all expenses from total revenues to arrive at the net income.
11
30 sec
Q.
In preparing SCI, there must be a heading which includes the following, except ________
12
30 sec
Q.
Amount and elements used in SCI can be found in the trial balance.
13
10 sec
Q.
ABC company has the folowing account and amount from the trial balance: Unearned Income- 25,000.00, Professional Fee-150,000.00, Interest Income 20,000.00. Compute for the total revenue.
14
30 sec
Q.
ABC company has the folowing account and amount from the trial balance: Salaries Expense- 35,000.00, Rent Expense-15,000.00, Accrued Expense 20,000.00 andd Prepaid Expense - 10,000.00. Compute for the total expense.
