level: Financial Statements
Questions and Answers List
level questions: Financial Statements
| Question | Answer |
|---|---|
| What are the line items in the statement of Changes in Equity? | +/- Share Capital, Dividends, Revaluations, and Comprehensive Income. |
| What is Comprehensive Income? | Net income + other income. |
| What is another name for the Statement of Changes in Equity? | The Statement of Retained Earnings |
| What are the three line items below shareholder's equity on the balance sheet? | Share capital, retained earnings, and net income. |
| How is the receivables balance calculated for the SFP? | Receivables - irrecoverable debts - closing allowance for receivables |
| What items will appear in a Statement of Equity? | Changes in company equity including, earned profits, dividends, inflow/withdrawal of equity, net loss, etc. |
| In accordance with IAS 1, what must be disclosed on the face of the statement of profit or loss and other comprehensive income? | Revenue |