Week 10 - DF Activity 1
Understanding Comprehensive Income Quiz
Test your knowledge on the components of comprehensive income and associated concepts with our engaging quiz! This quiz covers various aspects of financial reporting and accounting principles.
Questions include:
- Classification of expenses by nature
- Understanding comprehensive income
- Identifying prior period errors
1. Components of 'other comprehensive income' would include:
A. Net profit reported in the statement of profit or loss and other comprehensive income.
B. Net operating cash flows reported on the statement of cash flows
C. Changes in revaluation surplus.
D. Net operating cash flows reported on the statement of cash flows, plus total of all income and expenses recognised directly in equity.
2. Examples of classification of expenses by their nature are
A. Employee expenses and distribution expenses
B. Depreciation and marketing expenses
C. Borrowing costs and distribution expenses
D. Employee expenses and depreciation expenses
3. 'Comprehensive income' refers to:
A. The statement of total recognised income and expense
B. The statement of changes in equity
C. The net profit figure shown at the bottom of the statement of profit or loss.
D. None of the given answers.
4. A non-adjusting event is one that:
A. Provides evidence about new conditions that did not exist at reporting date
B. Occurs before reporting date.
C. Provides additional evidence of or information about conditions that existed at the reporting date
D. Occurs before the auditor signed the audit report.
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