Statement of

Comprehensive
Income
CHAPTER 2
SCI means the following:

It is a statement that reports the result of operations

of the business for the accounting period.
It is the same as the Income Statement.
It describe as a “for the period” report.
It is an action-packed financial statement.
SCI contains the following information:

a. Revenue generated by operating the

business.
b. Costs spent to generate the revenue.
c. Income, which is the excess of revenue
over costs.
See the figure page 34
Two Kinds of Income

Revenue and Gains

Revenue

Income generated from the primary operations of the

business.
Gains

On the other hand are income derived

from other activities of the business.
Two Kinds of Expenses

Expenses and Losses

Expenses

Related to the primary operations of the business.

Losses

This are from other activities of the business.

Summarize:

Accrual Concept of Accounting

Reflection Question:

 What is the accrual concept of accounting?

 When is the revenue reported to SCI?
Elements of the Statement of Comprehensive
Income
Revenue
Service Income
Sales
Expenses
Cost of Goods Sold
Operating Expenses
Service Income

It is generally used to describe revenue derived from

the rendering of services.
Specific Account Name
Rental Income
Professional Fee
Tuition Fee Revenue
Sales revenue

It is generally used to describe revenue derived

from selling of goods.
Specific Account Name
Office Supplies Sales
Book Sales
Food Sales
Cost of Goods Sold

This is an account used by companies that sells

goods instead of services.
Accountants have two ways of keeping records
of inventory.

Perpetual
Periodic inventory system
Perpetual

It means that the inventory and cost of goods

sold account are “perpetually “ updated.
Periodic Inventory System

“Periodically” means that the inventory

account is updated only at the end of the year
of end of the month.
Operating Expenses

It refers to all other expenses related to the

operations of the business.
Includes:
Salaries of employees
Supplies
Utilities
etc.
Freight In

Goods that are carried by ships, trains, trucks, or

airplanes.

The system by which goods are carried from one

place to another.
Bad Debt Expense

A debt that cannot be recovered.

Single Step Statement of Comprehensive
Income
 Closely related to the nature of expense format.

 Group all revenue items together and all the expense items
together.

 It is called a single step SCI because net income is

computed using only one step by deducting total expenses
from total revenue.
Multi-Step Statement of Comprehensive
Income
 It is characterized by the presentation of
several sub totals until the net income is
determined.

 It is also associated with the function of

expense format.
Performance task
Reporting:
The learners should be able to use Cell phone, Laptop, Camera for the
use of video.
Directions:
1. Each student will get a topic coming from their book.
2. They will only choose SFP, SCI, SCE, SoCE and others
3. While they are reporting all said will pop up into their hands or its
up to them how they can innovate their reporting through the
Integration of Technology. Minimum of 10 minutes and a maximum
of 20 minutes.
4. The teacher will use Hullistic rubric as a basis of grading the
students.
5. The teacher will assess the report of the student.