Which of the following elements of financial statements is not a component of comprehensive income? O Revenues O Distributions to owners O Losses Expenses QUESTION 8 Which basic assumption may not be followed when a firm in bankruptcy reports financial results? Economic entity assumption Going concern assumption Periodicity assumption Monetary unit assumption QUESTION 9 Which of the following is an application of rational and systematic allocation? O Depreciation of Plant and Equipment. Sales commissions. Research and development costs. O Officers' salaries. QUESTION 10 Materiality is used in all of the following situations of providing financial information, except where an amount is of relatively large size and importance. where it would impact the judgment of a reasonable person. where it would not make a difference in the actions of a decision-maker