Intacc 3 - Statement of Changes in equity

A report that shows the movement in the capital account of the owner is called

• Statement of Cash Flow

• Statement of Changes in Equity

• Statement of Financial Position

• Statement of Comprehensive Income

The heading of a Statement of Changes in Equity at the end of the year 2018 comprises the name of the owner/business, requirement or report to be prepared and the date of the statement period should be written as

• for the month ended, Dec. 31, 2018

• for the year ended, Dec. 31, 2018

• Dec. 31, 2018

• as of Dec. 31, 2018

What do you call the result of operation at a given period of time if the expenses is larger than the total income?

• net loss

• net profit

• retained earnings

• equity

Dividends are disclosed in the

• a. statement of changes in equity

• b. notes

• c. statement of financial position

• a or b

Which of the following statements in correct relation to the provision of PAS 1 Presentation of Financial Statements?

• a. Owner changes in equity are presented in the statement of profit or loss and other comprehensive income.

• b. Non-owner changes in equity are presented in the statement of changes in equity,

• a or b

• None of these

Entity C's total equity at the end of the period is 115. During the period Entity C earns profit of 20 and declares total dividends of 5. Entity C's total equity at the beginning of the period was 100.

• True

• False

Entity D's total equity at the beginning of the period was 50. During the period Entity D reports total comprehensive income of 20 and declares total dividends of 5. The net change in Entity D's equity during the period is an increase 20.

• True

• False

The equity section of the statement of financial position of a corporate business shows more than one equity component.

• True

• False

Compute for the total equity as of December 31, 20x2.

• 2,000,000

• 3,250,000

• 2,850,000

• 2,450,000

Answer explanation