statement of

comprehensive HELLO
ABMSTUDEN
income TS
Lesson 2
 Identify and describe the elements of
SCI for a Service Business and
merchandisin LEARNING
Prepare an SCI for a service business OBJECTIVES
using single step approach
Identify and describe the elements of
SCI for a Service Business
and merchandising business and
preparation using single step approach
for service business
 STATEMENT OF
COMPREHENSIVE INCOME
(INCOME STATEMEN T)
) ) ) ) ) ) ) ) )
) ) ) ) ) ) ) ) )
) ) ) ) ) ) ) ) )
) ) ) ) ) ) ) ) )

TEMPORARY ACCOUNTS

Chapter 3
 Temporary accounts are also known as nominal accounts are the
accounts found
under the SCI. They are called such because at the end of the
accounting period,
balances under these accounts are transferred to the capital account,
thus having
only temporary amounts and resulting to zero beginning balances at
the beginning
of the following year. (Haddock, Price, & Farina, 2012)
Examples of temporary accounts include revenues, sales, utilities
expense, supplies,
expense, salaries expense, depreciation expense, interest expense
among others.
Any questions?