Homework Answers
(a) Which of the following term is not an alternative term used for income statement?
Answer-> Statement of Financial Position
Explanation-> Income statement is also known as Statement of Income/Profit and Loss Statement/Statement of Earnings, whereas Statement of Financial Position is also known as Balance Sheet hence from the above given option the term which is not an alternative term used for income statement is Statement of Financial Position.
(b)The Publish or Perish Printing Company paid a Dividend to Shareholders. This will be reported on the:
Answer->Statement of Retained Earning
Explanation-> Dividend paid are reflected in the statement of retained earning as a reduction in retained earning. Statement of Equity reflects the change in the retained earning of the company over a period of time and hence dividend paid will be reflected there as a change in retained earning.
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