Reference no: EM132990181

Problem 1: Which two components of expense are recognised in the statement of comprehensive income?

Select one:

a. Accounts payable and cost of goods sold

b. Cost of goods sold and gross profit

c. Inventory loss expense and gross profit

d. Cost of goods sold and inventory loss expense

Problem 2: Which term defines a 'financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of the information needs'.

Select one:

a. General Purpose Financial Statements

b. Classification

c. Liquidity

d. Disclosure in financial statements