ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Earned Income
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Unearned Income
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Received Income from Government Programs
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None of the above
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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: -Comprehensive income excludes owner-caused changes in equity, such as the sale of stock or purchase of Treasury shares. Comprehensive income represents the sum of a company’s net income and its other comprehensive income (OCI).
Detailed explanation-3: -Determine a reporting period. Create a Trial Balance Report. Estimate Your Profits. Calculate the cost of sales. Figure out the Gross Margin. Add Operating Expenses. Estimate Your Income. Don’t forget to include in income taxes. More items
Detailed explanation-4: -Choose Your Reporting Period. Your reporting period is the specific timeframe the income statement covers. Calculate Total Revenue. Calculate Cost of Goods Sold (COGS) Calculate Gross Profit. Calculate Operating Expenses. Calculate Income. Calculate Interest and Taxes. Calculate Net Income. 09-Dec-2021