BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

ACCOUNTING FOR MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In the heading portion of the statement of comprehensive income, the date of preparation should be stated using ____ Which of the following will make the statement correct?

A	“As of”
B	“Between”
C	“For the month/year”
D	“As at”

Explanation:

Detailed explanation-1: -Statement of Comprehensive Income refers to the statement which contains the details of the revenue, income, expenses, or loss of the company that is not realized when a company prepares the financial statements of the accounting period, and the same is presented after net income on the company’s income statement.

Detailed explanation-2: -Therefore, when completing the income statement, the date in the heading should be For the (month/quarter/year) ended (date). For financial statements generated for a year long period of time that ends on December 31, 2013, the date on the income statement would read For the year ended December 31, 2013.

Detailed explanation-3: -Financial statements are compiled in a specific order because information from one statement carries over to the next statement. The trial balance is the first step in the process, followed by the adjusted trial balance, the income statement, the balance sheet and the statement of owner’s equity.

There is 1 question to complete.