1:Discuss the difference between profit or loss and comprehensive income

2: Describe the items that are likely to be present in a statement of changes in equity.

3: Explain if the following statements true or false for an entity using the accrual method of accounting.

1. Statements of profit or loss are used only by users external to the entity.
2. Revenue from sales is included in the statement of profit or loss when it is received, not when it is earned.
3. At the end of the reporting period, accrued expenses need to be included in the profit or loss determination.
4. At the end of the reporting period, revenue received for services not yet provided needs to be excluded from the profit or loss determination.