1. Define an income statement.

2. Define comprehensive income.

3. What are the components of comprehensive income?

4. Explain the term profit or loss.

5. Explain other comprehensive income.

6. What are the components of other comprehensive income?

7. Explain the presentation of other comprehensive income.

8. Explain the two options of presenting comprehensive income.

9. Explain the transaction approach of income determination.

10. What are the sources of income?

11. What are the components of expense?

12. What are the classifications of expense?

13. Identify items of income and expense that require separate disclosure.

14. Explain the two forms of income statement.

15. Which form of income statement is required.