Question

Directions: Fill-in the Blanks

1. The SCI shows the______of a business entity for
a given period.

2. A__________business is engaged in purchasing goods
and selling them at a higher price

3. The SCI has two basic elements, namely:
and_________.

4. The income arising from the ordinary course of business is______

5. The income that may not arise from the ordinary course of
business is_______

6. Expenses that may not arise from the ordinary course of
business are_________

7. _________
are reductions in the buying or selling price of
goods purchased or sold

8. The amount of goods sold is ______

9. The Owner Comprehensive Income portion of the SCI contains ________ income, expense, gains, and losses.
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Answer 1

Answer:

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