top of page
  • BAE

Describe the general purpose of the statement of comprehensive income

Question a) Describe the general purpose of the statement of comprehensive income. In addition, explain the terms income and expenses as defined by the ConceptualFramework for Financial Reporting b) Describe the general purpose of the statement of financial position. In addition,explain the terms asset, liability and equity as defined by the ConceptualFramework for Financial Reporting. c) Explain the accrual basis of accounting by defining the principles involved.Illustrate your answer by taking the example of the cost of sales adjustment in thestatement of comprehensive income.

Recent Posts

See All

Comments


bottom of page