1. The two-statement approach of presenting comprehensive income is preparing a. A comparative statement of comprehensive income b. A combined statement of comprehensive income and retained earnings c. A combined income statement and a statement of changes in equity (:1. A separate income statement and a separate statement of comprehensive income 2. Net income equals a. Assets minus liabilities b. Revenue minus cost of goods sold c. Revenue minus expenses d. Cash receipts minus cash payments 3. Comprehensive income always a. Is the same as net income b. Is greater than net income c. Is less than net income d. Could be greater than or less than net income 4. Gains are a. Inflows from selling a product to a customer b. Increases in equity resulting from transfers of assets to the entity from owners c. Increases in equity from peripheral transactions d. All of these can be considered gains 4. Gains are a. Inflows from selling a product to a customer b. Increases in equity resulting from transfers of assets to the entity from owners c. Increases in equity from peripheral transactions d. All of these can be considered gains 5. Income determination is arrived at by a. Measuring the change in owner's equity b. Identifying the change in the purchasing power c. Using a transaction approach d. Applying the value-added concept