Question

Write TRUE if the statement is correct and FALSE if the statement
is incorrect.
1. The revenue earned by a service business for rendering
services for a fee are commonly referred to as Service Income or
Service Revenue.
2. A Statement of Comprehensive Income may be presented using
a "two statement approach" only?
3. Revenue includes both income derived from operations and
gains.
4. If expenses are greater than income, the difference is net loss.
5. Income increases economic benefits during the period in thee
form of inflows of cash from rendering services.
6. The statement of Comprehensive Income shows information on
an entity's financial performance during the period.
7. A Single Statement approach of preparing a Statement of
Comprehensive Income shows Profit and Loss Statement added
to Other Comprehensive Income
8. Expenses encompass both expenses and losses.
9. The statement of profit and loss is synonymous to the income
statement.
10. A cash flow hedge is designed to minimize the risk that a
company will have to pay more than it expects​

Answer 1

Answer:

true statement number 5.8.10