ACCT 540 Financial accounting theory questions Please finish this financial quizfinancial accouting Name: ________________________________________________
QUIZ 6 ACCT 540 FINANCIAL ACCOUNTING THEORY
1. ANSWER EACH QUESTION IN A FEW SENTENCES (ABOUT A PARAGRAPH)
2. YOU MAY COLLABORATE WITH CLASSMATES
3. EACH PERSON NEEDS TO SUBMIT AN ANSWER
4. NOTE: Please answer in your own words. Do not simply copy the information from the
5. Bring your answers to class and turn in at the start of class on Tuesday March 12
Question 1: What is the difference among Earnings, Net Income, and Comprehensive Income?
Question 2: Explain the difference between revenues and gains.
Question 3: Name an example of an item included in Comprehensive income that is not part of
earnings. Why is it classified in Comprehensive income but not earnings?
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